Establishes "Energy Infrastructure Public-Private Partnerships Program"; amends law concerning NJ Infrastructure Bank; and authorizes certain energy contracts under "Public School Contracts Law" and "Local Public Contracts Law" up to 25 years.

A1054

ASSEMBLY, No. 1054

STATE OF NEW JERSEY

222nd LEGISLATURE

�

PRE-FILED FOR INTRODUCTION IN THE 2026 SESSION

Sponsored by:

Assemblyman WAYNE P. DEANGELO

District 14 (Mercer and Middlesex)

Assemblyman� WILLIAM W. SPEARMAN

District 5 (Camden and Gloucester)

Co-Sponsored by:

Assemblyman Bailey

SYNOPSIS

���� Establishes "Energy Infrastructure
Public-Private Partnerships Program"; amends law concerning NJ
Infrastructure Bank; and authorizes certain energy contracts under "Public
School Contracts Law" and "Local Public Contracts Law" up to 25
years.

CURRENT VERSION OF TEXT

���� Introduced Pending Technical Review by Legislative
Counsel.

��

An Act
concerning energy infrastructure public-private
partnerships, supplementing Titles 52 and 58 of the Revised Statutes, and
amending P.L.1985, c.334, N.J.S.18A:18A-42, and P.L.1971, c.198.

����
Be It
Enacted
by the Senate and General Assembly of
the State of New Jersey:

���� 1. �(New section) Sections 1
through 20 of P.L. , c.
(C. ) (pending
before the Legislature as this bill) shall be known and may be cited as the "Energy
Infrastructure Public-Private Partnerships Act."

���� 2.� (New section) �a.� The
Legislature finds and declares that:

���� (1) It is the public policy of
this State to assure that the State's energy infrastructure is developed and
maintained in a manner that assures, to the greatest extent possible, the
availability of reliable and resilient state-of-the-art energy resources to the
State and, in particular, to the critical facilities that provide necessary
lifeline services to the State's citizens and businesses;

���� (2) The recent occurrence of
severe weather events, and the current condition of the State's aging energy
systems underscore the vulnerability of the State's energy infrastructure and
the substantial and immediate need for the State to improve the energy
resources available to State, county, and municipal facilities that provide
critical lifeline services, including hospitals, police and fire departments,
water and wastewater treatment facilities, shelters, colleges, universities,
schools, and prisons;

���� (3)� The urgent need to
decarbonize the energy sector will require a significant expansion of
intermittent renewable energy sources.� In order to facilitate the expansion of
solar photovoltaic and wind resources, the State's infrastructure must include
dispatchable resources at the location of use in order to mitigate the
significant economic and potential physical damage that could result from poor
power quality issues.� Grid-edge, on-demand energy generation that is efficient
and clean is necessary to support the continued development of renewable
resources;

���� (4) The reliability,
resiliency, and efficiency of the State's energy infrastructure will be
improved if the State encourages the development of the energy-related projects
contemplated by P.L. , c.
(C. ) (pending
before the Legislature as this bill), which will reduce the vulnerability of
critical facilities to threats posed by weather and other exogenous factors,
minimize equipment failures caused by deterioration, disrepair, and
obsolescence, enhance the production and delivery of energy, including clean
energy resources, improve the energy efficiency of facilities, reduce peak
demand, energy costs, and greenhouse gas emissions, and promote economic development
and foster job creation;

���� (5) The implementation of
energy-related projects through public-private partnerships will enable the
State to leverage the capital and expertise of the private sector, which will
permit needed energy-related projects to be developed, in many instances on a
self-funded basis, without taxpayer or ratepayer support; and

���� (6) The use of energy
infrastructure public-private partnerships will contribute to the attainment of
the goals of the State's Energy Master Plan, which include aggressive
initiatives to expand the implementation of renewable energy and building and
transportation decarbonization initiatives, improve energy reliability and
resiliency, and introduce state-of-the-art technologies that can make buildings
more energy efficient and reduce energy usage, peak demand, energy costs, and
greenhouse gas emissions.

���� b.��� The Legislature
therefore determines that:

���� (1) It shall be the public
policy of this State to foster energy public-private partnerships to develop
state-of-the-art energy-related projects that obviate or minimize the need for
capital investments in such projects by governmental entities, taxpayers, and
utility ratepayers;

���� (2) In order to foster the
energy-related projects contemplated by P.L. ,
c.
(C. ) (pending
before the Legislature as this bill), it is necessary and appropriate for the
Legislature to authorize the use of public-private partnerships that leverage
private sector financial resources and expertise and provide a platform for
governmental and private entities to share the responsibilities and benefits of
these projects;

���� (3) Current economic
conditions, combined with the critical and immediate need to improve the
State's energy infrastructure and achieve the State's near and long-term energy
goals, compel the State to pursue the energy-related public-private
partnerships contemplated by P.L. , c.
(C. ) (pending
before the Legislature as this bill), which will enhance the reliability,
resilience, and efficiency of the State's energy infrastructure. by introducing
state-of-the-art energy technologies; and

���� (4) The energy-related
public-private partnerships contemplated by P.L. ,
c.
(C. ) (pending
before the Legislature as this bill) will encourage private capital investment
and leverage the technical, financial, and managerial expertise of the private
sector to assist eligible public entities that otherwise lack the necessary
capital, resources, or expertise to design, develop, own, manage, operate, and
maintain needed energy infrastructure projects.�

���� 3.��� (New section) As used
in sections 1 through 20 of P.L. , c.
(C. ) (pending
before the Legislature as this bill):

���� "Class I renewable energy"
and "Class II renewable energy" mean the same as those terms are
defined in section 3 of P.L.1999, c.23 (C.48:3-51).

���� "Distributed electric
generation resource" means distributed sources of electric power
generation and energy storage facilities including, but not limited to, Class I
and Class II renewable energy facilities, solar photovoltaics, wind, solar thermal,
hydroelectric and biofuels, dispatchable generation, combined heat and power,
fuel cell, and battery storage technologies.

���� "District energy
system" means an on-site generation facility, as defined in section 3 of
P.L.1999, c.23 (C.48:3-51), that provides thermal or electric energy services,
or both, to end-use customers for use for heating or cooling regardless of whether
the customer is located on property that is separated from the property on
which the on-site generation facility is located by more than one easement,
public thoroughfare, transportation right-of-way, or utility-owned
right-of-way.

���� "Energy P3 Program"
or "program" means the Energy Infrastructure Public-Private
Partnerships Program established pursuant to section 7 of
P.L. , c.
(C. ) (pending
before the Legislature as this bill).

���� "Energy-related
project" or "project" means a project developed, in whole or in
part, for a new or existing facility, owned or leased, or to be owned or to be
subject to a long-term lease, by a P3 eligible entity, involving the application
of energy efficiency, energy conservation, energy generation, energy
optimization, renewable and non-carbon-emitting energy technologies, energy
storage, decarbonization, or demand side management measures including, but not
limited to: (1) energy efficient appliances, lighting, heating, ventilation,
and air conditioning systems, motors, building controls, and other energy
conservation measures; (2) Class I and Class II renewable energy sources; (3)
building and transportation-related decarbonization measures including electric
vehicle infrastructure; (4) smart metering and smart grid technologies; (5)
distributed electric generation resources; (6) district energy systems; (7)
renewable natural gas and hydrogen production facilities; (8) geothermal energy
systems; and (9) biogas, biomass, and waste-to-energy technologies.�
"Energy-related project" shall not include a self-funded energy
efficiency project that is an energy savings improvement program undertaken
pursuant to the provisions of P.L.2009, c.4 (C.18A:18A-4.6 et al.) or P.L.2012,
c.55 (C.52:34-25.1 et al.).

���� "Private entity"
means a person, combination of persons, business entity, combination of
business entities, or combination of persons and business entities whose
business is to provide technical, financial, or managerial expertise or
resources to a P3 eligible entity for the design, development, management,
operation, or maintenance of an energy-related project.

���� "Public-private
partnership agreement" or "agreement" means an agreement entered
into by a P3 eligible entity and a private entity pursuant to section 4 of
P.L. , c. (C. )
(pending before the Legislature as this bill) for the purposes of undertaking
an energy-related project whereby the private entity assumes financial
developmental, operational, managerial, or administrative responsibility and
maintains a financial interest in the energy-related project.

���� "Public-private
partnership eligible entity" or "P3 eligible entity" means the
State, its subdivisions, and any department, agency, commission, authority,
board, or instrumentality thereof, a county, a municipality, a board of
education, a State college or university, a county college, a private
not-for-profit higher education institution, a regional or municipal utility
authority, a quasi-State agency, a State-created corporation, and a private
not-for-profit hospital licensed by the Department of Health pursuant to the "Health
Care Facilities Planning Act," P.L.1971, c.136 (C.26:2H-1 et seq.). "P3
eligible entity" shall not include a municipal electric utility
established pursuant to R.S.40:62-12.

���� "Trust" means the
New Jersey Infrastructure Bank created pursuant to section 4 of P.L.1985, c.334
(C.58:11B-4).

���� 4.� (New section)� a.� A P3
eligible entity may enter into a public-private partnership agreement with a
private entity pursuant to the provisions of P.L. ,
c. (C. )
(pending before the Legislature as this bill), which shall be subject to the
approval of the trust in accordance with the rules and regulations adopted
pursuant to subsection e. of section 7 of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill).� An energy-related project may involve
the design, construction, reconstruction, alteration, or improvement of one or
more buildings, structures, or facilities owned or subject to a long-term
lease, or to be owned or to be subject to a long-term lease, by the P3 eligible
entity, provided that the private entity is responsible for the performance of
each energy-related project and the P3 eligible entity retains an ownership or
leasehold interest in the land or property upon which the energy-related
project is developed.� No particular method or structure of project financing
shall be required of a private entity unless the method or structure of project
financing or, if applicable, provision for ownership and title transfer to the
P3 eligible entity at the end of the term of the agreement, is clearly
described by the P3 eligible entity in any formal authorized solicitation
process for an energy-related project.

���� b.� P3 eligible entities and
private entities that develop energy-related projects pursuant to a
public-private partnership agreement executed and approved in accordance with
the provisions of P.L. , c.
(C. ) (pending
before the Legislature as this bill) shall be eligible to receive financing
available through the Energy Infrastructure Financing Program established by
the trust pursuant to section 28 of P.L. ,
c.
(C. ) (pending before
the Legislature as this bill), to the extent such funds are available, in
addition to financing or funding available from other sources.�

���� c.� A P3 eligible entity may
solicit a proposal for an energy-related project, or consider an unsolicited
proposal for an energy-related project, only from a private entity that has
been duly qualified by the Energy P3 Program pursuant to sections 7 and 8 of
P.L. , c.
(C. ) (pending
before the Legislature as this bill) and any other applicable law.

���� 5.��� (New section) a.� An
energy-related project may be proposed either by a P3 eligible entity or by a
private entity.� Notwithstanding the provisions of any law, rule, regulation,
decision, or order to the contrary, a public-private partnership agreement may
provide that, as part of the agreement, an energy-related project may be
proposed and selected individually or as a part of any other project for the
design, construction, reconstruction, alteration, improvement, development, or
redevelopment of one or more buildings, structures, or facilities owned or
subject to a long-term lease, or to be owned or to be subject to a long-term
lease, by a P3 eligible entity, and may also include buildings, structures, or
facilities owned, or to be owned, by one or more private entities, without
regard to the contiguity of the properties on which energy-related projects are
developed.� An energy-related project shall be designed to:� enable a P3
eligible entity to more reliably, efficiently, and cost-effectively generate, distribute,
conserve, store, consume, and acquire energy; improve the reliability and
resiliency of its energy infrastructure; reduce greenhouse gas emissions,
energy usage, and peak demand; diversify its sources of energy supply; create
jobs; and foster economic development.� A proposed energy-related project shall
produce quantifiable or otherwise demonstrable benefits during the life of the
project which shall be evaluated by the trust, as part of the approval of the
public-private partnership agreement, in accordance with the rules and
regulations adopted pursuant to subsection e. of section 7 of
P.L. , c.
(C. ) (pending
before the Legislature as this bill).

���� b.� If an unsolicited
energy-related project is proposed by a qualified private entity to a P3
eligible entity, the P3 eligible entity shall determine whether to accept,
reject, or modify the proposal.� If the P3 eligible entity elects to implement
all or a portion of the proposed energy-related project, the P3 eligible entity
shall initiate and adhere to the competitive solicitation procedure established
pursuant to sections 8 and 9 of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill).� If the unsolicited proposal is rejected
by the P3 eligible entity, the P3 eligible entity shall return all copies of,
and all materials relating to the unsolicited proposal to the private entity.�
The unsolicited proposal, and all records of communications and negotiations
related to the proposal, shall be confidential and exempt from public
disclosure in accordance with the provisions of section 17 of
P.L. , c. (C. )
(pending before the Legislature as this bill).

���� 6.� (New section) a.�
Notwithstanding the provisions of any law, rule, regulation, decision, or order
to the contrary, a P3 eligible entity that undertakes an energy-related project
with a private entity, its affiliates, and approved subcontractors pursuant to
a public-private partnership agreement shall not be subject to the requirement
of advertisement for public bid otherwise applicable to the P3 eligible entity,
provided that the private entity is selected by the P3 eligible entity pursuant
to a solicitation process conducted in accordance with sections 8 and 9 of
P.L. , c.
(C. ) (pending
before the Legislature as this bill).

���� b.� Except as otherwise set
forth in subsection a. of this section, all solicitations for proposals
conducted pursuant to sections 8 and 9 of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill) shall be subject to the procurement laws
and procedures otherwise applicable to the P3 eligible entity.

���� 7.� (New section) a.� (1) The
trust shall establish an Energy Infrastructure Public-Private Partnerships
Program or "Energy P3 Program."� The Energy P3 Program shall provide
for the formulation and execution of a comprehensive Statewide program to
facilitate public-private partnerships for the development of energy-related
projects, and for the development, promotion, coordination, oversight, and
approval of public-private partnership agreements pursuant to
P.L. , c.
(C. ) (pending
before the Legislature as this bill).�

���� (2) The costs associated with
the establishment and operation of the Energy P3 Program may be funded by
moneys from the "Global Warming Solutions Fund" created pursuant to
section 6 of P.L.2007, c.340 (C.26:2C-50), the societal benefits charge imposed
pursuant to section 12 of P.L.1999, c.23 (C.48:3-60), any other funding source
the Legislature appropriates to the Energy P3 Program, and fees collected from
private entities pursuant to subsection c. of this section.

���� (3) The trust shall implement
the rules and regulations, policies, and procedures established pursuant to
P.L. , c.
(C. ) (pending
before the Legislature as this bill) in a manner that encourages private entity
participation in the Energy P3 Program and provides necessary project oversight
and assistance to P3 eligible entities.

���� b.� The trust may retain one
or more qualified private consultants with relevant expertise to provide the
technical assistance and resources deemed necessary and appropriate to assist
the Energy P3 Program.

���� c.� The trust shall annually
develop an operating budget for the Energy P3 Program to enable the trust to
adequately and properly perform its duties and responsibilities, and, if
necessary, to compensate private consultants retained pursuant to subsection b.
of this section to assist the trust to implement the Energy P3 Program as
established in this section.� The trust or any private consultant retained by
the trust may charge a private entity a reasonable fee for the services
provided by the trust or the private consultant, as applicable, under the
Energy P3 Program, in connection with any implemented energy-related project
under the program.

���� d.� The trust shall comply
with the provisions of the "Local Public Contracts Law," P.L.1971,
c.198 (C.40A:11-1 et seq.), in the negotiation and award of professional
service contracts with private consultants.� A professional service contract
entered into pursuant to this section shall include provisions for fees,
contract scope and duration, and other terms as are deemed necessary and
appropriate by the trust to retain the services of one or more private
consultants, deemed by the trust to be qualified by training and experience, to
provide technical assistance required by the Energy P3 Program pursuant to
P.L. , c.
(C. ) (pending
before the Legislature as this bill).

���� e.� Within 18 months after the
effective date of P.L. , c.
(C. ) (pending
before the Legislature as this bill), the trust shall adopt rules and
regulations pursuant to the "Administrative Procedure Act," P.L.1968,
c.410 (C.52:14B-1 et seq.), as are necessary to implement the provisions of
P.L. , c.
(C. ) (pending
before the Legislature as this bill).�

���� f.� The trust shall, within 90
days after the effective date of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill), undertake a study of the staffing and
other resources deemed necessary to implement the Energy P3 Program and to
perform the duties and responsibilities established by
P.L. , c.
(C. ) (pending
before the Legislature as this bill).� The trust shall prepare a report of its
study, and provide a copy to the Governor and, pursuant to section 2 of
P.L.1991, c.164 (C.52:14-19.1), to the Legislature, recommending any further
action or resources needed to facilitate program implementation.

���� 8.� (New section) a.� A
private entity seeking to enter into a public-private partnership agreement for
an energy-related project with a P3 eligible entity shall first be qualified
under the Energy P3 Program.� The trust shall establish appropriate
qualification criteria for any private entity seeking to participate in the
Energy P3 Program pursuant to the rules and regulations adopted pursuant to
section 7 of P.L. , c.
(C. ) (pending
before the Legislature as this bill), and shall provide details of the
qualification criteria in the report submitted to the Legislature pursuant to
section 33 of P.L. , c.
(C. ) (pending
before the Legislature as this bill).

���� b.� Under the Energy P3
Program, the trust shall evaluate the qualifications of each private entity
that seeks to develop an energy-related project pursuant to a public-private
partnership agreement in accordance with the qualification criteria established
pursuant to this section.� The trust shall develop a tiered ranking system for
both energy-related projects and the private entities that seek to qualify to
develop such projects.� The tiered ranking system shall be designed to
authorize a private entity to pursue only the types of energy-related projects
for which the private entity has been qualified.

���� c.� The trust shall maintain, and
make available to P3 eligible entities, a current list of qualified private
entities, arranged by the tiers of energy-related projects for which the
private entities have been qualified.� Each P3 eligible entity that seeks to
develop an energy-related project pursuant to P.L. ,
c.
(C. ) (pending
before the Legislature as this bill) shall be directed to the complete list of
qualified private entities for the type of tiered energy related project under
consideration for development.

���� 9.� (New section) a.� For each
proposed energy-related project, a P3 eligible entity shall solicit proposals
from private entities that are set forth on the list of qualified private
entities maintained by the trust under the Energy P3 Program pursuant to section
8 of P.L. , c.
(C. ) (pending
before the Legislature as this bill), and that have been qualified for the type
of energy-related project or projects considered by the P3 eligible entity.�
The trust shall establish the process by which a P3 eligible entity solicits
and procures proposals from qualified private entities for energy-related
projects and the criteria that shall apply to the procurement.

���� b.� A P3 eligible entity shall
specify the manner in which the price shall be bid by a qualified private
entity as part of a proposal for an energy-related project.� If a fixed price
option is selected by the P3 eligible entity, the qualified private entity
shall fully and accurately disclose, in a single line item entry, the total
installed cost of the proposed energy-related project, including all equipment,
labor, permits, and management services.� Any proposal by a qualified private
entity which includes a fixed price bid that does not comply with this section
shall be rejected by the P3 eligible entity as nonconforming.

���� c.� Notwithstanding the
provision of any law, rule, regulation, decision, or order to the contrary, the
P3 eligible entity shall award the energy-related project to the private entity
whose proposal is determined by the P3 eligible entity to be the most advantageous
to the P3 eligible entity, with price and other factors considered.� The
criteria to be utilized by the P3 eligible entity as the basis for its award
determination shall be established by the trust by rules and regulations
adopted pursuant to section 7 of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill).

���� d.� A P3 eligible entity shall
negotiate a public-private partnership agreement for the energy-related project
with the selected private entity in accordance with the process and standards
established by the trust pursuant to rules and regulations adopted pursuant to
section 7 of P.L. , c.
(C. ) (pending
before the Legislature as this bill).

���� 10.� (New section) Prior to,
or in connection with, the negotiation and execution of a public-private
partnership agreement, a P3 eligible entity may negotiate and execute a
preliminary agreement with a qualified private entity selected for the
energy-related project. �The preliminary agreement may, among other things,
authorize a qualified private entity to commence certain preliminary project
development activities for which the private entity may be compensated.� The
trust shall establish standards under the program for preliminary agreements
entered into pursuant to this section.

���� 11.� (New section) a.� A P3
eligible entity and a qualified private entity shall cooperate with the trust
to leverage, to the greatest extent possible, available private sector
financial resources and expertise and to enhance the ability of an energy-related
project to obtain and maximize federal, State, local, and other funding
sources, including the "Global Warming Solutions Fund" established
pursuant to section 6 of P.L.2007, c.340 (C.26:2C-50), grants or incentives,
tax advantages, or financial and other benefits to finance, secure, guarantee,
service, or reduce project debt, or to minimize, repay, or accelerate the
repayment of project costs, or provide other advantages.�

���� Notwithstanding the provisions
of any law, rule, regulation, decision, or order to the contrary, funds
contained in the "Global Warming Solutions Fund," established
pursuant to section 6 of P.L.2007, c.340 (C.26:2C-50), and financing available
through the trust, to the extent such funds are available, shall be available
to private entities that develop energy-related projects pursuant to an
agreement approved under the program.� The funds shall be supplemental to
funding available to an energy-related project from all other sources
including, but not limited to, the New Jersey Clean Energy Program administered
by the Board of Public Utilities, and any successor or similar program, and
programs sponsored by the electric and natural gas distribution utilities.

���� b.��� In order to facilitate
the financing, development, and delivery of, or to reduce the costs associated
with, an energy-related project, a P3 eligible entity may:

���� (1) become the owner or lessee
of the energy-related project, or the owner or long-term lessee of the land on
which the energy-related project is located, or both;

���� (2) issue indebtedness in
accordance with the P3 eligible entity's enabling legislation provided that, at
a minimum, the private entity guarantees the performance of the energy-related
project to the P3 eligible entity;

���� (3) dedicate any property
interest, including land, improvements, fixtures, and tangible personal
property that the P3 eligible entity has for public use; and

���� (4) exercise all powers
conferred on the P3 eligible entity by law including, but not limited to, the
power to tax, lease or grant rights of way, easements, and access, exercise the
power of eminent domain, grant development rights, issue and accelerate permits
and other authorizations, and grant licenses, franchises, contractual, and real
property rights.

���� c.� A public-private
partnership agreement may also provide for the sale, long-term lease, or
lease-purchase of, or grant of concessions for, the existing and new assets and
facilities of a P3 eligible entity to a private entity, and revenue sharing
opportunities between the P3 eligible entity and private entity pursuant to an
agreement approved under the program.� If the public-private partnership
agreement provides for ownership of the energy-related project, or a portion
thereof, by the private entity during the term of the agreement, the agreement
may provide for the transfer of the project by the private entity to the P3
eligible entity at no charge upon the expiration of the term of the agreement
or any extension thereof.

���� 12.� (New section) The
development of an energy-related project pursuant to P.L. ,
c.
(C. ) (pending
before the Legislature as this bill) shall be deemed to constitute the
performance of an essential public function. �A component of an energy-related
project predominantly used by, or developed in furtherance of the purposes of a
P3 eligible entity pursuant to P.L. ,
c.
(C. ) (pending
before the Legislature as this bill) that is owned by or leased to a P3
eligible entity, foreign or domestic nonprofit business entity, or business
entity wholly owned by a nonprofit business entity, shall be exempt from
property taxation and special assessments of the State, a municipality, and any
other political subdivision of the State, and, notwithstanding the provisions
of section 15 of P.L.1974, c.80 (C.34:1B-15) or section 2 of P.L.1977, c.272
(C.54:4-2.2b) or any other law to the contrary, shall not be required to make
payments in lieu of taxes. �������� The land upon which an energy-related
project is located shall be exempt from property taxation for the duration of
the useful life of the project. �The energy-related project and the land upon
which the energy-related project is located shall not be subject to the
provisions of section 1 of P.L.1984, c.176 (C.54:4-1.10) regarding the tax
liability of private parties conducting for-profit activities on tax exempt
land, or section 1 of P.L.1949, c.177 (C.54:4-2.3) regarding the taxation of
leasehold interests in exempt property that are held by nonexempt parties.

���� This section shall apply only
when the energy-related project is owned by or leased to a P3 eligible entity, foreign
or domestic nonprofit business entity, or business entity wholly owned by a
nonprofit business entity, and the energy-related project furthers the purposes
of the P3 eligible entity.

���� 13.� (New section) If public
funding has not been provided for the financing of an energy-related project
developed pursuant to P.L. , c.
(C. ) (pending
before the Legislature as this bill), the chief financial officer of the P3
eligible entity that enters into an agreement for a public-private partnership
for an energy-related project may require the private entity responsible for
the development of the energy-related project to post a bond guaranteeing
prompt payment of funds due to the contractor, its subcontractors, and all
persons furnishing labor or materials to the contractor or its subcontractors
in the conduct of the work on the energy-related project.

���� 14. �(New section) a.� All
workers employed in the performance of any construction undertaken in
connection with an energy-related project for which a public-private
partnership agreement has been approved pursuant to section 4 of
P.L. , c.
(C. ) (pending
before the Legislature as this bill), including all workers for subcontractors
employed in the performance of any construction undertaken in connection with
an energy-related project, shall be paid not less than the prevailing wage rate
for the workers' craft or trade as determined by the Commissioner of Labor and
Workforce Development pursuant to P.L.1963, c.150 (C.34:11-56.25 et seq.) and
P.L.2005, c.379 (C.34:11-56.58 et seq.).

���� b.��� All energy-related
projects developed pursuant to a public-private partnership agreement approved
pursuant to section 4 of P.L. , c.
(C. ) (pending
before the Legislature as this bill) may contain a project labor agreement.� A
project labor agreement shall be subject to the provisions of P.L.2002, c.44
(C.52:38-1 et seq.) and shall be structured in a manner that to the greatest
extent possible enhances employment opportunities for individuals residing in
the county in which the energy-related project will be located.

���� c.���� A qualified private
entity selected by a P3 eligible entity to develop an energy-related project
pursuant to P.L. , c.
(C. ) (pending
before the Legislature as this bill), and all affiliates and subcontractors of
the private entity, shall comply with the provisions of "The Public Works
Contractor Registration Act," P.L.1999, c.238 (C.34:11-56.48 et seq.).

���� 15.� (New section) Each
general contractor, construction manager, design-build team member, and
significant subcontractor that performs work in connection with an
energy-related project pursuant to P.L. ,
c.
(C. ) (pending
before the Legislature as this bill) shall be classified by the trust, in
consultation with the Division of Property Management and Construction in the
Department of the Treasury, to perform work on an energy-related project in
accordance with the provisions of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill).

���� 16.� (New section) a.� All
energy-related projects proposed by a P3 eligible entity, following
consideration of project proposals and selection of a qualified private entity
in accordance with sections 8 and 9 of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill), shall be submitted to the Energy P3
Program for project review and approval.� Only a proposal deemed to be complete
by the Energy P3 Program shall be considered.� In order for a proposal to be
deemed complete, the proposal shall include all items required pursuant to the
Energy P3 Program and shall include a long-range operation and maintenance
plan.� The proposal and long-range operation and maintenance plan shall be
reviewed by the trust and those in compliance with the program requirements
shall be approved by the trust under the Energy P3 Program in accordance with
rules and regulations adopted pursuant to section 7 of
P.L. , c.
(C. ) (pending
before the Legislature as this bill).

���� b.� An energy-related project
shall not proceed unless the project has been approved by the trust under the
Energy P3 Program.� The trust may deny or revoke an approval if it determines
that an energy-related project presented for approval materially deviates from
the proposal submitted by the private entity and preliminarily approved by the
P3 eligible entity, or has not received all required approvals.�

���� c.� All energy-related
projects shall be completed within five years after the date of approval by the
trust under the Energy P3 Program. The completion date may be extended by the
trust upon demonstration of good cause or the occurrence of an event of force
majeure.

���� d.� The development of an
approved energy-related project shall remain subject to oversight and review by
the trust under the Energy P3 Program pursuant to rules and regulations adopted
pursuant to section 7 of P.L. , c.
(C. ) (pending
before the Legislature as this bill).

���� 17.� (New section) a.�
Notwithstanding the provisions of any law, rule, regulation, decision, or order
to the contrary, a private entity that submits (1) a proposal in response to a
solicitation for an energy-related project or (2) an unsolicited proposal that
is accepted by a P3 eligible entity and made the basis for a solicitation for
an energy-related project, may identify those portions of the proposal that the
private entity deems to be confidential, competitively sensitive bid-related
information, including, but not limited to, pricing and financing terms, and
proprietary or trade secret information.� The private entity shall provide
justification as to why the materials identified as confidential should not,
upon request, be produced to others by the P3 eligible entity.� Information
determined by the P3 eligible entity to be confidential, competitively
sensitive bid-related information shall not be subject to disclosure, except as
necessary to the trust for the purposes of evaluation and review of a public-private
partnership agreement pursuant to P.L. ,
c.
(C. ) (pending
before the Legislature as this bill), or considered a public or government
record under P.L.1963, c.73 (C.47:1A-1 et seq.) or P.L.2001, c.404 (C.47:1A-5
et al.), or otherwise, prior to the selection of the winning proposal.

���� Disclosure of confidential
pricing information shall occur, upon request, after the selection of the
winning proposal, but prior to the execution of the final public-private
partnership agreement. Information determined to be proprietary or trade secret
information shall not be subject to disclosure at any time by the P3 eligible
entity pursuant to P.L.1963, c.73 (C.47:1A-1 et seq.), P.L.2001, c.404
(C.47:1A-5 et al.), or otherwise.

���� b.� Notwithstanding the
provisions of any law, rule, regulation, decision, or order to the contrary, a
private entity that submits an unsolicited proposal for an energy-related
project that is rejected by a P3 eligible entity and not made the basis of a solicitation
for an energy-related project pursuant to P.L. ,
c.
(C. ) (pending
before the Legislature as this bill), may request the P3 eligible entity to
return the entire unsolicited proposal to the private entity, and the P3
eligible entity shall promptly comply with the request.

���� An unsolicited proposal for a
P3 eligible entity energy-related project that is rejected by a P3 eligible
entity and not made the basis of a solicitation for an energy-related project
shall not be subject to disclosure or considered a public or government record
under P.L.1963, c.73 (C.47:1A-1 et seq.), P.L.2001, c.404 (C.47:1A-5 et al.),
or otherwise, and no disclosure of the unsolicited proposal, or any portion
thereof, or records of any communications relating to the unsolicited proposal,
shall be made to the public pursuant to P.L.1963, c.73 (C.47:1A-1 et seq.),
P.L.2001, c.404 (C.47:1A-5 et al.), or otherwise.

���� 18.� (New section)
Notwithstanding the provisions of section 2 of P.L.1999, c.440 (C.40A:11-4.2),
section 46 of P.L.1999, c.440 (C.18A:18A-4.2), P.L.1954, c.48 (C.52:34-6 et
seq.), and any other law, regulation, decision, or order to the contrary, a
public-private partnership agreement between a P3 eligible entity and a private
entity to design, develop, finance, build, own, operate, or maintain, or a
combination thereof, an energy-related project in accordance with the
provisions of P.L. , c.
(C. ) (pending before
the Legislature as this bill), may have a term not to exceed 20 years. �A
public-private partnership agreement between a P3 eligible entity and a private
entity to design, develop, finance, build, own, operate, or maintain an
energy-related project that includes a combined heat and power facility,
cogeneration facility, or on-site generation facility, as those terms are
defined in section 3 of P.L.1999, c.23 (C.48:3-51), a district energy system, a
fuel cell, or other distributed electric generation resource may have a term
not to exceed 25 years, which term shall commence after construction of the
facility has been completed and commercial operation has commenced.

���� A public-private partnership
agreement between a P3 eligible entity and a private entity may authorize
execution of a long-term service agreement that may include routine and
preventive maintenance and overhaul and rebuild coverage, for coverage periods
of not less than 10 years, up to the period coinciding with the useful life of
the equipment included within the scope of the service agreement.

���� 19.� (New section) The
provisions of P.L.2009, c.136 (C.52:18-42 et seq.) shall not apply to an
energy-related project developed pursuant to P.L. ,
c. (C. )
(pending before the Legislature as this bill).

����� 20.�
(New section) Nothing in
P.L. ,
c.
(C. )
(pending before the Legislature as this bill) shall
be construed to limit the powers of the Office of the State Comptroller
pursuant to P.L.2007, c.52 (C.52:15C-1 et al.) or the authority of the Board of
Public Utilities.

���� 21.� Section 2 of P.L.1985,
c.334 (C.58:11B-2) is amended to read as follows:

���� 2.� a.� The Legislature finds
that the steady deterioration of older sewage and sewer systems and wastewater
treatment plants endangers the availability and quality of uncontaminated water
resources of the State, thereby posing a grave danger to the health, safety and
welfare of the residents of the concerned communities and the State; that the
construction, rehabilitation, operation, and maintenance of modern and
efficient sewer systems and wastewater treatment plants are essential to
protecting and improving the State's water quality; that in addition to
protecting and improving water quality, adequate wastewater treatment systems
are essential to economic growth and development; that many of the wastewater
treatment systems in New Jersey must be replaced or upgraded if an inexorable
decline in water quality is to be avoided during the coming decades; that the
United States Congress in recognition of the crucial role wastewater treatment
systems and plants play in maintaining and improving water quality, and with an
understanding that the cost of financing and constructing these systems must be
borne by local governments and authorities with limited sources of revenues,
established in the "Federal Water Pollution Control Act Amendments of
1972," Pub.L.92-500 (33 U.S.C. s.1251 et al.) a program to provide local
governments with grants for constructing these systems; that during the last
several years the amount of federal grant money available to states and local
governments for assistance in constructing and improving wastewater treatment
systems has sharply diminished; that the current level of federal grant funding
is inadequate to meet the cost of upgrading the State's wastewater treatment
capacity to comply with State water quality standards; that the collective
needs of the State and local governments for capital financing of wastewater
treatment systems far exceed the sums of money presently available through
revenue initiatives and State and federal aid programs; and that it is fitting
and proper for the State to encourage local governments to undertake wastewater
treatment projects through the establishment of a State mechanism to provide
loans at the lowest reasonable interest rates and to guarantee or insure local
capital improvement bonds.

���� b.��� The Legislature finds
that stormwater runoff and combined sewer overflows are among the major sources
of ocean pollution, contributing to beach closings; that combined sewer systems
discharge untreated wastewater and stormwater into rivers, streams and coastal
waters during wet weather, resulting in water pollution; that some combined
sewer systems have deteriorated to the point that overflows occur regularly,
even during dry weather; that many sewer systems are on inadequate repair and
replacement programs, which may cause disturbances at sewage treatment plants;
that many municipalities are under building moratoriums due to the inadequacy
of their sewage and stormwater collection systems, which severely affect
municipal budgets; and that large unmet capital expenses exist for combined
sewer system separation and abatement projects.

���� The Legislature further finds
that funding at the federal level for wastewater treatment, stormwater
management and combined sewer system rehabilitation projects is insufficient;
that State funds available for these projects are inadequate to meet current
needs; that local revenues are insufficient to meet these expenses; and that
additional funding at the State level is necessary to meet this financial
obligation.

���� c.���� The Legislature finds
that construction, rehabilitation, operation and maintenance of modern and
efficient water supply facilities are essential to protecting and improving the
State's water quality; that the citizens of this State, in recognition of the
crucial role the construction of new and the upgrading of existing water supply
facilities play in maintaining and augmenting the natural water resources of
the State, and with an understanding that the cost of financing and
constructing these systems is beyond the limited financial resource
capabilities of local governments and authorities and must be subsidized by the
State and repaid through a system of water supply user charges, approved the
enactment of the "Water Supply Bond Act of 1981" (P.L.1981, c.261);
that the water supply needs of the State are so great that the funds allocated
for this purpose from the "Water Supply Fund" established by that
1981 bond act should be augmented and maximized, to the extent practicable,
through the use of alternative methods of State financing to offset the costs
of water supply projects and for the construction of new or the rehabilitation
of antiquated or inadequate existing water supply facilities; that the United
States Congress in recognition of the essential role that safe drinking water
plays in protecting the public health, and with an understanding that
financing, constructing and maintaining water systems that meet the
requirements of the "Safe Drinking Water Act," 42 U.S.C. s.300f et
seq. exceed the financial and technical capacity of the operators of some water
systems, has established in the "Safe Drinking Water Act Amendments of
1996," P.L.104-182, a program to provide public water systems with
financial assistance to meet national primary drinking water regulations or to
otherwise further the health protection objectives of the federal law and that
the State must, in order to make use of the federal funds, provide State funds
for the program; and therefore, State funding for the program is necessary to
meet this financial obligation.

���� d.��� The Legislature finds
that the transportation infrastructure of the State is among the most heavily
used in the nation and has deteriorated in recent years, with parts of the
highway system reaching the end of their useful lives.

���� e.���� The Legislature finds
that capital projects for roadways and bridges are essential to protecting and
improving the State's transportation system; that construction of new and the
upgrading of existing roadways and bridges play a critical role in the transportation
needs of the State, and with an understanding that the cost of financing and
constructing these systems is beyond the limited financial resource
capabilities of local governments and authorities and must be subsidized by the
State and Federal government; that the United States Congress has established
"State Infrastructure Bank" programs to provide funding for
transportation systems (23 U.S.C. s.610) and that the State must, in order to
make use of the federal funds, provide State funds for the program; and
therefore, State funding for the program is necessary to meet this financial
obligation.

���� f.�
The Legislature finds
that energy-related projects are essential to improve the reliability,
resiliency, and efficiency of the energy infrastructure owned or utilized by
local government units, water systems, and various other entities located
within the State, and to reduce energy usage, peak demand, energy costs, and
greenhouse gas emissions.

����
g.
�
The Legislature therefore determines that
it is in the public interest to establish a State authority authorized to issue
bonds, notes and other obligations and to establish any reserve funds necessary
therefor, and to make loans to and guarantee debt incurred by local government
units for environmental and transportation infrastructure projects
, and to
make loans and provide other assistance to certain public-private partnership
eligible entities to finance the cost of energy-related projects
.

(cf: P.L.2016, c.56, s.11)

���� 22.� Section 3 of P.L.1985,
c.334 (C.58:11B-3) is amended to read as follows:

���� 3.��� As used in sections 1
through 27 of P.L.1985, c.334 (C.58:11B-1 through C.58:11B-27), sections 23
through 27 of P.L.1997, c.224 (C.58:11B-10.1, C.58:11B-20.1, C.58:11B-21.1,
C.58:11B-22.1, and C.58:11B-22.2), and sections 22 and 34 through 38 of
P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5, C.58:11B-20.2,
C.58:11B-22.3, and C.58:11B-22.4):

���� "Aviation project"
means a project to develop or improve county or municipal airport facilities,
or airport facilities owned or operated by a regional transportation authority
that is not a bi-state authority, and related infrastructure or capital
equipment, including, but not limited to, any design, planning, acquisition,
construction, reconstruction, relocation, installation, removal, repair, or
rehabilitation project that facilitates, increases the efficiency of, or
improves the capacity for inter-modal trade for commercial and industrial
facilities that are part of airport facilities. "Aviation project"
includes, but is not limited to, any project to develop or improve terminal
facilities designed for public use and for the transportation of persons or
property, such as airports, runways, berms, basins, storage places, sheds,
warehouses, and related infrastructure;

���� "Bonds" means bonds
issued by the trust pursuant to P.L.1985, c.334 (C.58:11B-1 et seq.) or
P.L.1997, c.224 (C.58:11B-10.1 et al.);

���� "Combined sewer
overflow" means the discharge of untreated or partially treated stormwater
runoff and wastewater from a combined sewer system into a body of water;

���� "Combined sewer
system" means a sewer system designed to carry sanitary wastewater at all
times, which is also designed to collect and transport stormwater runoff from
streets and other sources, thereby serving a combined purpose;

���� "Commissioner" means
the Commissioner of the Department of Environmental Protection;

���� "Cost" means the
cost of all labor, materials, machinery and equipment, lands, property, rights
and easements, financing charges, interest on bonds, notes or other
obligations, plans and specifications, surveys or estimates of costs and
revenues, engineering and legal services, and all other expenses necessary or
incident to all or part of an environmental infrastructure project;

���� "Department" means
the Department of Environmental Protection;

����
"Energy P3 Program"
means the same as the term is defined in section 3 of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill);

����
"Energy-related
project" means the same as the term is defined in section 3 of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill);

���� "Environmental
infrastructure project" means the acquisition, construction, improvement,
repair or reconstruction of all or part of any structure, facility or
equipment, or real or personal property necessary for or ancillary to any: (1)
wastewater treatment system project, including any stormwater management or
combined sewer overflow abatement projects; or (2) water supply project, as
authorized pursuant to P.L.1985, c.334 (C.58:11B-1 et seq.) or P.L.1997, c.224
(C.58:11B-10.1 et al.), including any water resources project, as authorized
pursuant to P.L.2003, c.162;

���� "Federal infrastructure
bank program" means the United States Department of Transportation State
Infrastructure Bank Program provided for in section 350 of Pub.L.104-59 and
Pub.L.102-240 as amended or superseded;

���� "Local government
unit" means (1) a State authority, county, municipality, municipal, county
or regional sewerage or utility authority, municipal sewerage district, joint
meeting, improvement authority, or any other political subdivision of the State
authorized to construct, operate, and maintain wastewater treatment systems;
(2) a State authority, district water supply commission, county, municipality,
municipal, county or regional utilities authority, municipal water district,
joint meeting, or any other political subdivision of the State authorized
pursuant to law to operate or maintain a public water supply system or to
construct, rehabilitate, operate, or maintain water supply facilities or
otherwise provide water for human consumption; (3) a county, municipality,
municipal, county or regional transportation authority, or any other political
subdivision of the State authorized to construct, operate, or maintain public
highways or transportation projects; (4) a county, municipality, or other
political subdivision or instrumentality of the State, or a municipal, county,
or State authority that is not a bi-state authority, authorized to construct,
operate, or maintain ports or marine projects; (5) a county, municipality,
municipal or regional transportation authority, or other political subdivision
or instrumentality of the State authorized to construct, operate, or maintain
airports or aviation projects; or (6) a local government unit as defined in
section 2 of P.L.2023, c.63 (C.58:11B-20.4) authorized to receive funds
pursuant to the "Safeguarding Tomorrow Through Ongoing Risk Mitigation
(STORM) Act," Pub.L. 116-284 (42 U.S.C. s. 5135), as amended or
supplemented, and P.L.2023, c.63 (C.58:11B-20.3 et al.);

���� "Marine project"
means a project to develop or improve public port or terminal facilities, and
related infrastructure or capital equipment, including, but not limited to, any
design, planning, acquisition, construction, reconstruction, relocation,
installation, removal, repair, or rehabilitation project that facilitates,
increases the efficiency of, or improves the capacity for inter-modal trade and
cargo movement for commercial or industrial facilities that are part of port or
terminal facilities.� "Marine project" includes, but is not limited
to, dredging, soil hardening, and paving of the port facilities, and ferry
terminal facilities designed for public use and the transportation of persons
or property such as water craft, docks, wharves, piers, slips, storage places,
sheds, warehouses, and related infrastructure.� "Marine project"
shall not include any project that relates to or supports recreational or
commercial boating activities;

���� "New Jersey Environmental
Infrastructure Financing Program" means the financing program to fund
environmental infrastructure projects;

���� "New Jersey
Transportation Infrastructure Financing Program" means the financing
program to fund transportation projects, aviation projects, and marine
projects;

���� "Notes" means notes
issued by the trust pursuant to P.L.1985, c.334 (C.58:11B-1 et seq.), P.L.1997,
c.224 (C.58:11B-10.1 et al.), or sections 22 and 34 through 38 of P.L.2016,
c.56 (C.58:11B-10.3 through C.58:11B-10.5, C.58:11B-20.2, C.58:11B-22.3, and
C.58:11B-22.4);

���� "Onsite wastewater
treatment and disposal system" means an on-site system designed to treat
and dispose of domestic sewage;

���� "Other assistance"
means forms of financial assistance, in addition to loans, authorized by the
New Jersey Infrastructure Bank from the State Transportation Infrastructure
Bank Fund, the wastewater treatment system general loan fund, the water supply
facilities general loan fund, or the Community Hazard Assistance Mitigation
Program Revolving Loan Fund established pursuant to section 3 of P.L.2023, c.63
(C.58:11B-10.6), including, but not limited to, use of funds to: provide credit
enhancements; serve as a capital reserve for bond or other debt instrument
financing; subsidize interest rates; ensure the issuance of letters of credit
and credit instruments; finance purchase and lease agreements with respect to
transit projects; and provide bond or other debt financing instrument security;

���� "Planning, design, and
construction loan" means a short-term or temporary loan for eligible costs
incurred in project planning, engineering design, or construction issued before
or during the planning stage of a project;

����
"Private entity"
means the same as the term is defined in section 3 of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill);

���� "Project" means the
acquisition, construction, improvement, repair or reconstruction of all or part
of any structure, facility, or equipment, or real or personal property
necessary for or ancillary to any: (1) wastewater treatment system project,
including any stormwater management or combined sewer overflow abatement
projects; (2) water supply project, as authorized pursuant to P.L.1985, c.334
(C.58:11B-1 et seq.) or P.L.1997, c.224 (C.58:11B-10.1 et al.), including any
water resources project, as authorized pursuant to P.L.2003, c.162;
[
or
]
(3)
transportation project, aviation project, or marine project authorized pursuant
to sections 22 and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through
C.58:11B-10.5, C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4);
or (4) an
energy-related project authorized pursuant to P.L. ,
c.
(C. ) (pending
before the Legislature as this bill);

����
"Public-private
partnership eligible entity" or "P3 eligible entity"

means
the same as the term is defined in section 3 of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill);

���� "Public highway"
means public roads, streets, expressways, freeways, parkways, motorways and
boulevards, including bridges, tunnels, overpasses, underpasses, interchanges,
express bus roadways, bus pullouts and turnarounds, park-ride facilities,
traffic circles, grade separations, traffic control devices, the elimination or
improvement of crossings of railroads and highways, whether at-grade or not
at-grade, bicycle and pedestrian pathways and pedestrian and bicycle bridges,
and any property, rights of way, easements and interests therein needed for the
construction, improvement, and maintenance of highways;

���� "Public water
utility" means any investor-owned water company or small water company;

���� "Small water
company" means any company, purveyor or entity, other than a governmental
agency, that provides water for human consumption and which regularly serves
less than 1,000 customer connections, including nonprofit, noncommunity water
systems owned or operated by a nonprofit group or organization;

���� "Stormwater management
system" means any equipment, plants, structures, machinery, apparatus,
management practices, or land, or any combination thereof, acquired, used,
constructed, implemented or operated to prevent nonpoint source pollution, abate
improper cross-connections and interconnections between stormwater and sewer
systems, minimize stormwater runoff, reduce soil erosion, or induce groundwater
recharge, or any combination thereof;

���� "Transportation
project" means a capital project for public highways, approach roadways
and other necessary land-side improvements, ramps, signal systems, roadbeds,
transit lanes or rights of way, pedestrian walkways and bridges connecting to passenger
stations and servicing facilities, bridges, and grade crossings;

���� "Trust" means the
New Jersey Infrastructure Bank created pursuant to section 4 of P.L.1985, c.334
(C.58:11B-4);

���� "Wastewater" means
residential, commercial, industrial, or agricultural liquid waste, sewage,
septage, stormwater runoff, or any combination thereof, or other liquid residue
discharged or collected into a sewer system or stormwater management system, or
any combination thereof;

���� "Wastewater treatment
system" means any equipment, plants, structures, machinery, apparatus, or
land, or any combination thereof, acquired, used, constructed or operated by,
or on behalf of, a local government unit for the storage, collection, reduction,
recycling, reclamation, disposal, separation, or other treatment of wastewater
or sewage sludge, or for the collection or treatment, or both, of stormwater
runoff and wastewater, or for the final disposal of residues resulting from the
treatment of wastewater, including, but not limited to, pumping and ventilating
stations, treatment plants and works, connections, outfall sewers,
interceptors, trunk lines, stormwater management systems, and other personal
property and appurtenances necessary for their use or operation;
"wastewater treatment system" shall include a stormwater management
system or a combined sewer system;

���� "Wastewater treatment
system project" means any work relating to the acquisition, construction,
improvement, repair or reconstruction of all or part of any structure, facility
or equipment, or real or personal property necessary for or ancillary to any
wastewater treatment system that meets the requirements set forth in sections
20, 21, and 22 of P.L.1985, c.334 (C.58:11B-20, C.58:11B-21, and C.58:11B-22);
or any work relating to any of the stormwater management or combined sewer
overflow abatement projects identified in the stormwater management and
combined sewer overflow abatement project priority list adopted by the
commissioner pursuant to section 28 of P.L.1989, c.181; or any work relating to
the purposes set forth in section 6 of P.L.2003, c.162; or any work relating to
any other project eligible for financing under the "Federal Water
Pollution Control Act Amendments of 1972" (33 U.S.C. s.1251 et seq.), or
any amendatory or supplementary acts thereto;

���� "Water resources
project" means any work related to transferring water between public water
systems during a state of water emergency, to avert a drought emergency in all
or any part of the State, to plan, design or construct interconnections of
existing water supplies, or to extend water supplies to areas with contaminated
ground water supplies;

���� "Water supply
facilities" means and refers to the real property and the plants,
structures, interconnections between existing water supply facilities,
machinery and equipment and other property, real, personal and mixed, acquired,
constructed or operated, or to be acquired, constructed or operated, in whole
or in part, by or on behalf of a public water utility, or by or on behalf of
the State or a local government unit, for the purpose of augmenting the natural
water resources of the State and making available an increased supply of water
for all uses, or of conserving existing water resources, and any and all
appurtenances necessary, useful or convenient for the collecting, impounding,
storing, improving, treating, filtering, conserving or transmitting of water,
and for the preservation and protection of these resources and facilities,
whether in public or private ownership, and providing for the conservation and
development of future water supply resources, and facilitating incidental
recreational uses thereof;

���� "Water supply
project" means any work relating to the acquisition, construction,
improvement, repair or reconstruction of all or part of any structure, facility
or equipment, or real or personal property necessary for or ancillary to water
supply facilities that meets the requirements set forth in sections 24, 25, and
26 of P.L.1997, c.224 (C.58:11B-20.1, C.58:11B-21.1, and C.58:11B-22.1); or any
work relating to the purposes set forth in section 4 of P.L.1981, c.261; or any
work relating to the purposes set forth in section 6 of P.L.2003, c.162; or any
work relating to any other project eligible for funding pursuant to the federal
"Safe Drinking Water Act Amendments of 1996," Pub.L.104-182, and any
amendatory and supplementary acts thereto.

(cf: P.L.2023, c.63, s.10)

���� 23.� Section 4 of P.L.1985, c.334
(C.58:11B-4) is amended to read as follows:

���� 4.� a.� There is established
in, but not of, the Department of the Treasury a body corporate and politic,
with corporate succession, to be known as the "New Jersey Infrastructure
Bank."� The trust is constituted as an instrumentality of the State
exercising public and essential governmental functions, no part of whose
revenues shall accrue to the benefit of any individual, and the exercise by the
trust of the powers conferred by the provisions of P.L.1985, c.334 (C.58:11B-1
et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22 and 34 through 38 of
P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5, C.58:11B-20.2,
C.58:11B-22.3, and C.58:11B-22.4),
or the provisions of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill)
shall be deemed and held to be an
essential governmental function of the State.

���� b.��� The trust shall consist
of
[
a
10
]

an
11
member board of directors composed of
:
� the State Treasurer, the
Commissioner of the Department of Community Affairs, the Commissioner of the
Department of Transportation,
[
and
]
the
Commissioner of the Department of Environmental Protection,
and the
President of the Board of Public Utilities,
who shall be members ex
officio; two people appointed by the Governor upon the recommendation of the
President of the Senate, and two people appointed by the Governor upon the
recommendation of the Speaker of the General Assembly, who shall serve during
the two-year legislative term in which they are appointed; and two residents of
the State appointed by the Governor with the advice and consent of the Senate,
who shall serve for terms of four years, except that the first two appointed
shall serve terms of two and three years respectively.� Each appointed director
shall serve until that director's successor has been appointed and qualified.� A
director is eligible for reappointment.� Any vacancy shall be filled in the
same manner as the original appointment, but for the unexpired term only.

���� With respect to those public
members first appointed by the Governor, the appointment of each of the two
members upon the advice and consent of the Senate shall become effective 30
days after their nomination by the Governor if the Senate has not given advice
and consent on those nominations within that time period; the President of the
Senate and the Speaker of the General Assembly each shall recommend to the
Governor a public member for appointment within 20 days following the effective
date of P.L.1985, c.334 (C.58:11B-1 et seq.) and a public member for
appointment within 20 days following the effective date of P.L.2016, c.56 and a
recommendation made in this manner shall become effective if the Governor makes
the appointment in accordance with the recommendation, in writing, within 10
days of the Governor's receipt thereof.� In each instance where the Governor
fails to make the appointment, the President of the Senate and the Speaker of
the General Assembly shall make new recommendations subject to appointment by
the Governor as determined in this section.

���� c.���� Each appointed director
may be removed from office by the Governor for cause, upon the Governor's
consideration of the findings and recommendations of an administrative law
judge after a public hearing before the judge, and may be suspended by the
Governor pending the completion of the hearing.� Each director, before entering
upon the director's duties, shall take and subscribe an oath to perform the
duties of the director's office faithfully, impartially and justly to the best
of the director's ability.� A record of oaths shall be filed in the office of
the Secretary of State.

���� d.��� The Governor shall
designate one of the appointed members to be the chairperson and chief
executive officer of the trust and the directors shall biannually elect a
vice-chairperson from among the appointed directors.� The chairperson shall
serve as such for a term of two years and until a successor has been
designated.� A chairperson shall be eligible for one additional two-year term
as chairperson.� The directors shall elect a secretary and treasurer, who need
not be directors, and the same person may be elected to serve as both secretary
and treasurer.

���� The powers of the trust are
vested in the directors in office from time to time and six directors shall
constitute a quorum at any meeting.� Action may be taken and motions and
resolutions adopted by the trust by the affirmative majority vote of those directors
present, but in no event shall any action be taken or motions or resolutions
adopted without the affirmative vote of at least six directors.� No vacancy on
the board of directors of the trust shall impair the right of a quorum of the
directors to exercise the powers and perform the duties of the trust.

���� e.���� Each director and the
treasurer of the trust shall execute a bond to be conditioned upon the faithful
performance of the duties of the director or treasurer in a form and amount as
may be prescribed by the State Treasurer.� Bonds shall be filed in the office
of the Secretary of State.� At all times thereafter, the directors and
treasurer shall maintain these bonds in full effect.� All costs of the bonds
shall be borne by the trust.

���� f.���� The directors of the
trust shall serve without compensation, but the trust shall reimburse the
directors for actual and necessary expenses incurred in the performance of
their duties.� Notwithstanding the provisions of any other law to the contrary,
no officer or employee of the State shall be deemed to have forfeited or shall
forfeit the officer's or employee's office or employment or any benefits or
emoluments thereof by reason of the officer's or employee's acceptance of the
office of ex officio director of the trust or the ex officio director's
services thereon.

���� g.��� Each ex officio director
may designate an officer of the ex officio director's department to represent
the ex officio director at meetings of the trust.� Each designee may lawfully
vote and otherwise act on behalf of the director for whom the person constitutes
the designee.� The designation shall be delivered in writing to the trust and
shall continue in effect until revoked or amended in writing and delivered to
the trust.

���� h.��� The trust may be
dissolved by law; provided the trust has no debts or obligations outstanding or
that provision has been made for the payment or retirement of these debts or
obligations.� The trust shall continue in existence until dissolved by act of
the Legislature.� Upon any dissolution of the trust, all property, funds and
assets of the trust shall be vested in the State.

���� i.���� A true copy of the
minutes of every meeting of the trust shall be forthwith delivered by and under
the certification of the secretary thereof to the Governor and at the same time
to the Senate and General Assembly.� The time and act of this delivery shall be
duly recorded on a delivery receipt.� No action taken or motion or resolution
adopted at a meeting by the trust shall have effect until 10 days, exclusive of
Saturdays, Sundays and public holidays, after a copy of the minutes has been
delivered to the Governor, unless during the 10-day period the Governor shall
approve all or part of the actions taken or motions or resolutions adopted, in
which case the action or motion or resolution shall become effective upon the
approval.

���� If, in the 10-day period, the
Governor returns the copy of the minutes with a veto of any action taken by the
trust or any member thereof at that meeting, the action shall be of no effect.�
The Senate or General Assembly shall have the right to provide written comments
concerning the minutes to the Governor within the 10-day period, which comments
shall be returned to the trust by the Governor with the Governor's approval or
veto of the minutes.

���� The powers conferred in this
subsection upon the Governor shall be exercised with due regard for the rights
of the holders of bonds, notes and other obligations of the trust at any time
outstanding, and nothing in, or done pursuant to, this subsection shall in any
way limit, restrict or alter the obligation or powers of the trust or any
representative or officer of the trust to carry out and perform each covenant,
agreement, or contract made or entered into by or on behalf of the trust with
respect to its bonds, notes, or other obligations or for the benefit,
protection or security of the holders thereof.

���� j.���� No resolution or other
action of the trust providing for the issuance of bonds, refunding bonds, notes
or other obligations shall be adopted or otherwise made effective by the trust
without the prior approval in writing of the Governor and the State Treasurer.�
The trust shall provide the Senate and General Assembly with written notice of
any request for approval of the Governor and State Treasurer at the time the
request is made, and shall also provide the Senate and General Assembly written
notice of the response of the Governor and State Treasurer at the time that the
response is received by the trust.

(cf: P.L.2016, c.56, s.13)

���� 24.� Section 5 of P.L.1985,
c.334 (C.58:11B-5) is amended to read as follows:

���� 5.��� Except as otherwise
limited by the provisions of P.L.1985, c.334 (C.58:11B-1 et seq.), P.L.1997,
c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4),
or the provisions of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill),
the trust may:

���� a.���� Make and alter bylaws
for its organization and internal management and, subject to agreements with
holders of its bonds, notes or other obligations, make rules and regulations
with respect to its operations, properties and facilities;

���� b.��� Adopt an official seal
and alter it;

���� c.���� Sue and be sued;

���� d.��� Make and enter into all
contracts, leases and agreements necessary or incidental to the performance of
its duties and the exercise of its powers under the provisions of P.L.1985,
c.334 (C.58:11B-1 et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4),
or the provisions of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill),
and subject to any agreement with the
holders of the trust's bonds, notes or other obligations, consent to any
modification, amendment or revision of any contract, lease or agreement to
which the trust is a party;

���� e.���� Enter into agreements
or other transactions with and accept, subject to the provisions of section 23
of P.L.1985, c.334 (C.58:11B-23), grants, appropriations and the cooperation of
the State, or any State agency, in furtherance of the purposes of P.L.1985,
c.334 (C.58:11B-1 et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4),
or the provisions of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill),
and do anything necessary in order to
avail itself of that aid and cooperation;

���� f.���� Receive and accept aid
or contributions from any source of money, property, labor or other things of
value, to be held, used and applied to carry out the purposes of P.L.1985,
c.334 (C.58:11B-1 et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4),
or P.L. ,
c.
(C. ) (pending
before the Legislature as this bill),
subject to the conditions upon which
that aid and those contributions may be made, including, but not limited to,
gifts or grants from any department or agency of the State, or any State
agency, for any purpose consistent with the provisions of P.L.1985, c.334
(C.58:11B-1 et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4),
or P.L. ,
c.
(C. ) (pending
before the Legislature as this bill),
subject to the provisions of section
23 of P.L.1985, c.334 (C.58:11B-23);

���� g.��� Acquire, own, hold,
construct, improve, rehabilitate, renovate, operate, maintain, sell, assign,
exchange, lease, mortgage or otherwise dispose of real and personal property,
or any interest therein, in the exercise of its powers and the performance of its
duties under the provisions of P.L.1985, c.334 (C.58:11B-1 et seq.), P.L.1997,
c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4)
, or the provisions of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill)
;

���� h.��� Appoint and employ an
executive director and any other officers or employees as it may require for
the performance of its duties, without regard to the provisions of Title 11A of
the New Jersey Statutes;

���� i.���� Borrow money and issue
bonds, notes and other obligations, and secure the same, and provide for the
rights of the holders thereof as provided in the provisions of P.L.1985, c.334
(C.58:11B-1 et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4)
, or the provisions of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill)
;

���� j.���� Subject to any
agreement with holders of its bonds, notes or other obligations, invest moneys
of the trust not required for immediate use, including proceeds from the sale
of any bonds, notes or other obligations, in any obligations, securities and
other investments in accordance with the rules and regulations of the State
Investment Council or as may otherwise be approved by the Director of the
Division of Investment in the Department of the Treasury upon a finding that
such investments are consistent with the corporate purposes of the trust;

���� k.��� Procure insurance to
secure the payment of its bonds, notes or other obligations or the payment of
any guarantees or loans made by it in accordance with the provisions of
P.L.1985, c.334 (C.58:11B-1 et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4),
or the provisions of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill),
or against any loss in connection
with its property and other assets and operations, in any amounts and from any
insurers as it deems desirable;

���� l.���� Engage the services of
attorneys, accountants, engineers, and financial experts and any other
advisors, consultants, experts and agents as may be necessary in its judgment
and fix their compensation;

���� m. (1) Make and contract to
make loans and provide other assistance to local government units, or to a
local government unit on behalf of another local government unit, to finance
the cost of wastewater treatment system projects or water supply projects and
acquire and contract to acquire notes, bonds or other obligations issued or to
be issued by any local government units to evidence the loans, all in
accordance with the provisions of P.L.1985, c.334 (C.58:11B-1 et seq.) or
P.L.1997, c.224 (C.58:11B-10.1 et al.);

���� (2) Make and contract to make
loans and provide other assistance to public water utilities, or to any other
person or local government unit on behalf of a public water utility, to finance
the cost of water supply projects in accordance with the provisions of
P.L.1985, c.334 (C.58:11B-1 et seq.) or P.L.1997, c.224 (C.58:11B-10.1 et al.);

���� (3) Make and contract to make
loans and provide other assistance to private persons other than local
government units, or to any other person or local government unit on behalf of
a private person, to finance the cost of onsite wastewater treatment and disposal
systems or stormwater management systems in accordance with the provisions of
P.L.1985, c.334 (C.58:11B-1 et seq.) or P.L.1997, c.224 (C.58:11B-10.1 et al.);

���� (4) Make and contract to make
loans and provide other assistance to one or more local government units or
consortia thereof to finance the cost of transportation projects, aviation
projects, and marine projects in accordance with applicable provisions of the
federal infrastructure bank program and pursuant to sections 22 and 34 through
38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5, C.58:11B-20.2,
C.58:11B-22.3, and C.58:11B-22.4);

����
(5) Make and contract to
make loans and provide other assistance to one or more P3 eligible entities,
private entities, or a consortia thereof to finance the cost of energy-related
projects in accordance the provisions of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill);

���� n.��� Subject to any agreement
with holders of its bonds, notes or other obligations, purchase bonds, notes
and other obligations of the trust and (1) hold the same for resale for any
duration, including until maturity thereof, including in connection with any
cross-investment initiative of the trust, or (2) provide for the cancellation
thereof, all in accordance with the provisions of P.L.1985, c.334 (C.58:11B-1
et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22 and 34 through 38 of
P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5, C.58:11B-20.2,
C.58:11B-22.3, and C.58:11B-22.4)
, or the provisions of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill)
;

���� o. (1) Charge to and collect
from local government units, private persons, public water utilities,
[
or
]
nonprofit
organizations
, or P3 eligible entities, as applicable,
any fees and
charges in connection with the trust's loans, guarantees or other services,
including, but not limited to, fees and charges sufficient to reimburse the
trust for all reasonable costs necessarily incurred by it in connection with
its financings and the establishment and maintenance of reserve or other funds,
as the trust may determine to be reasonable.� The fees and charges shall be in
accordance with a uniform schedule published by the trust for the purpose of
providing actual cost reimbursement for the services rendered;

���� (2) Any fees and charges
collected by the trust pursuant to this subsection may be deposited and
maintained in a special fund separate from any other funds held by the trust
pursuant to section 10 of P.L.1985, c.334 (C.58:11B-10) or section 23 of
P.L.1997, c.224 (C.58:11B-10.1), and shall be available for any corporate
purposes of the trust;

���� p.��� Subject to any agreement
with holders of its bonds, notes or other obligations, obtain as security or to
provide liquidity for payment of all or any part of the principal of and
interest and premium on the bonds, notes and other obligations of the trust or
for the purchase upon tender or otherwise of the bonds, notes or other
obligations, lines of credit, letters of credit and other security agreements
or instruments in any amounts and upon any terms as the trust may determine,
and pay any fees and expenses required in connection therewith;

���� q.��� Provide to local
government units
and P3 eligible entities
any financial and credit
advice, and any form of technical assistance, as these local government units
and
P3 eligible entities
may request;

���� r.���� Make payments to the
State from any moneys of the trust available therefor as may be required
pursuant to any agreement with the State or act appropriating moneys to the
trust; and

���� s.���� Take any action
necessary or convenient to the exercise of the foregoing powers or reasonably
implied therefrom.

(cf: P.L.2023, c.63, s.11)

���� 25.� Section 6 of P.L.1985,
c.334 (C.58:11B-6) is amended to read as follows:

���� 6. a.� Except as may be
otherwise expressly provided in the provisions of P.L.1985, c.334 (C.58:11B-1
et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22 and 34 through 38 of
P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5, C.58:11B-20.2,
C.58:11B-22.3, and C.58:11B-22.4),
or the provisions of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill),
the trust may from time to time issue
its bonds, notes, or other obligations in any principal amounts as in the
judgment of the trust shall be necessary to provide sufficient funds for any of
its corporate purposes, including the payment, funding, or refunding of the
principal of, or interest or redemption premiums on, any bonds, notes, or other
obligations issued by it, whether the bonds, notes, or other obligations or the
interest or redemption premiums thereon to be funded or refunded have or have
not become due, the establishment or increase of reserves or other funds to
secure or to pay the bonds, notes, or other obligations or interest thereon and
all other costs or expenses of the trust incident to and necessary to carry out
its corporate purposes and powers.

���� b.��� Whether or not the
bonds, notes or other obligations of the trust are of a form and character as
to be negotiable instruments under the terms of Title 12A of the New Jersey
Statutes, the bonds, notes and other obligations are made negotiable
instruments within the meaning of and for the purposes of Title 12A of the New
Jersey Statutes, subject only to the provisions of the bonds, notes and other
obligations for registration.

���� c.���� Bonds, notes or other
obligations of the trust shall be authorized by a resolution or resolutions of
the trust and may be issued in one or more series and shall bear any date or
dates, mature at any time or times, bear interest at any rate or rates of interest
per annum, be in any denomination or denominations, be in any form, either
coupon, registered or book entry, carry any conversion or registration
privileges, have any rank or priority, be executed in any manner, be payable in
any coin or currency of the United States which at the time of payment is legal
tender for the payment of public and private debts, at any place or places
within or without the State, and be subject to any terms of redemption by the
trust or the holders thereof, with or without premium, as the resolution or
resolutions may provide. A resolution of the trust authorizing the issuance of
bonds, notes or other obligations may provide that the bonds, notes or other
obligations be secured by a trust indenture between the trust and a trustee,
vesting in the trustee any property, rights, powers and duties in trust
consistent with the provisions of P.L.1985, c.334 (C.58:11B-1 et seq.),
P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4)
, or the provisions of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill),
as the trust may determine.

���� d.��� Bonds, notes or other
obligations of the trust may be sold at any price or prices and in any manner
as the trust may determine.� Notwithstanding any provisions of the "Local
Bond Law," N.J.S.40A:2-1 et seq., to the contrary, each bond, note, or
other obligation of the trust, and each bond, note, or other obligation of a
local government unit, public water utility, or other person, issued to the
trust to evidence the loan issued to the trust, or, if applicable, issued to
the State, acting by and through the Department of Environmental Protection, to
evidence a loan issued thereby, pursuant to subsection a. of section 9 of
P.L.1985, c.334 (C.58:11B-9), shall mature and be paid not later than 30 years
for environmental infrastructure projects, 45 years for combined sewer overflow
projects, 31 years for transportation projects, aviation projects, and marine
projects,
[
and
]
30 years for
hazard mitigation and resilience projects pursuant to sections 1 through 8 of
P.L.2023, c.63 (C.58:11B-20.3 et al.),
and 25 years for energy-related
projects,
from the effective date thereof, or the certified useful life of
the project or projects to be financed by the bonds, notes, or other
obligations, whichever is less, or a shorter period of time as may be
applicable to any companion loan made concurrently with the loan made by the
trust and issued pursuant to federal law or regulation.�

���� Notwithstanding the provisions
of the "Local Bond Law," N.J.S.40A:2-1 et seq., or this subsection,
to the contrary, each bond, note, or other obligation of the trust, and each
bond, note, or other obligation of a local government unit, public water
utility, or other person, issued to the trust to evidence the loan issued to
the trust, or, if applicable, issued to the State, acting by and through the
Department of Environmental Protection, to evidence a loan issued thereby,
pursuant to subsection a. of section 9 of P.L.1985, c.334 (C.58:11B-9), and
issued in connection with funding provided pursuant to the "Water
Infrastructure Finance and Innovation Act of 2014" (WIFIA), 33 U.S.C.
s.3901 et seq., as amended and supplemented, the "Transportation
Infrastructure Finance and Innovation Act of 1998" (TIFIA), 23 U.S.C.
s.601 et seq., as amended and supplemented, or the "Safeguarding Tomorrow
Through Ongoing Risk Mitigation (STORM) Act," Pub.L. 116-284 (42 U.S.C. s.
5135), as amended or supplemented, shall mature and be paid not later than the
maximum time period allowed by those federal acts.

���� All bonds of the trust shall
be sold at public or private sale at the price or prices and in the manner as
the trust shall determine, either on a negotiated or on a competitive basis.�
If competitively sold, bonds shall be sold after notice of sale, a summary of
which shall be published at least once in at least three newspapers published
in the State of New Jersey and at least once in a publication carrying
municipal bond notices and devoted primarily to financial news published in New
Jersey or the city of New York, the first summary notice to be at least five
days prior to the day of bidding.� The notice of sale may contain a provision
to the effect that any or all bids made in pursuance thereof may be rejected.�
In the event of such rejection or of failure to receive any acceptable bid, the
trust, at any time within 60 days from the date of such advertised sale, may
sell such bonds at private sale upon terms not less favorable to the State than
the terms offered by any rejected bid.� The trust may sell all or part of the
bonds of any series as issued to any State fund or to the federal government or
any agency thereof, at private sale, without advertisement.

���� e.���� Bonds, notes or other
obligations of the trust may be issued under the provisions of P.L.1985, c.334
(C.58:11B-1 et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4)
, or the provisions of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill)
without obtaining the consent of any
department, division, board, bureau or agency of the State, and without any
other proceedings or the happening of any other conditions or things, other
than those consents, proceedings, conditions or things which are specifically
required by P.L.1985, c.334 (C.58:11B-1 et seq.), P.L.1997, c.224
(C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4)
, or P.L. ,
c.
(C. ) (pending
before the Legislature as this bill)
.

���� f.���� Bonds, notes or other
obligations of the trust issued under the provisions of P.L.1985, c.334
(C.58:11B-1 et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4)
, or the provisions of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill)
shall not be a debt or liability of
the State or of any political subdivision thereof other than the trust and
shall not create or constitute any indebtedness, liability or obligation of the
State or any political subdivision, but all these bonds, notes and other
obligations, unless funded or refunded by bonds, notes or other obligations,
shall be payable solely from revenues or funds pledged or available for their
payment as authorized in P.L.1985, c.334 (C.58:11B-1 et seq.), P.L.1997, c.224
(C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4)
, or P.L. ,
c.
(C. ) (pending
before the Legislature as this bill)
. Each bond, note and obligation shall
contain on its face a statement to the effect that the trust is obligated to
pay the principal thereof or the interest thereon only from its revenues,
receipts or funds pledged or available for their payment as authorized in
P.L.1985, c.334 (C.58:11B-1 et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4),
or P.L. ,
c.
(C. ) (pending
before the Legislature as this bill),
and that neither the State, nor any
political subdivision thereof, is obligated to pay the principal or interest
and that neither the faith and credit nor the taxing power of the State, or any
political subdivision thereof, is pledged to the payment of the principal of or
the interest on the bonds, notes or other obligations.

���� g.��� The aggregate principal
amount of bonds, notes or other obligations, including subordinated
indebtedness of the trust, shall not exceed (1) $5,000,000,000 with respect to
bonds, notes, or other obligations issued to finance the Disaster Relief
Emergency Financing Program established pursuant to section 1 of P.L.2013, c.93
(C.58:11B-9.5), and (2) $5,000,000,000 with respect to bonds, notes, or other
obligations issued for all other purposes of the trust. In computing the
foregoing limitations there shall be excluded all the bonds, notes or other
obligations, including subordinated indebtedness of the trust, which shall be
issued for refunding purposes, whenever the refunding shall be determined to
result in a savings.

���� (1) Upon the decision by the
trust to issue refunding bonds, except for current refunding, and prior to the
sale of those bonds, the trust shall transmit to the Joint Budget Oversight
Committee, or its successor, a report that a decision has been made, reciting
the basis on which the decision was made, including an estimate of the debt
service savings to be achieved and the calculations upon which the trust relied
when making the decision to issue refunding bonds. The report shall also
disclose the intent of the trust to issue and sell the refunding bonds at
public or private sale and the reasons therefor.

���� (2) The Joint Budget Oversight
Committee or its successor shall have the authority to approve or disapprove
the sales of refunding bonds as included in each report submitted in accordance
with paragraph (1) of this subsection. The committee shall notify the trust in
writing of the approval or disapproval within 30 days of receipt of the report.
Should the committee not act within 30 days of receipt of the report, the trust
may proceed with the sale of the refunding bonds, provided that the sale of
refunding bonds shall realize not less than three percent net present value
debt service savings.

���� (3) No refunding bonds shall
be issued unless the report has been submitted to and approved by the Joint
Budget Oversight Committee or its successor as set forth in paragraphs (1) and
(2) of this subsection.

���� (4) Within 30 days after the
sale of the refunding bonds, the trust shall notify the committee of the result
of that sale, including the prices and terms, conditions and regulations
concerning the refunding bonds, the actual amount of debt service savings to be
realized as a result of the sale of refunding bonds, and the intended use of
the proceeds from the sale of those bonds.

���� (5) The committee shall review
all information and reports submitted in accordance with this subsection and
may, on its own initiative, make observations to the trust, or to the
Legislature, or both, as it deems appropriate.

���� h.��� Each issue of bonds,
notes, or other obligations of the trust may, if it is determined by the trust,
be general obligations thereof payable out of any revenues, receipts or funds
of the trust, or special obligations thereof payable out of particular revenues,
receipts or funds, subject only to any agreements with the holders of bonds,
notes or other obligations, and may be secured by one or more of the following:

���� (1) Pledge of revenues and
other receipts to be derived from the payment of the interest on and principal
of notes, bonds or other obligations issued to the trust by one or more local
government units, public water utilities,
P3 eligible entities,
or other
persons, and any other payment made to the trust pursuant to agreements with
any local government units, public water utilities,
P3 eligible entities,

or other persons, or a pledge or assignment of any notes, bonds, or other
obligations of any local government unit
,
public water utilities,
P3
eligible entities,
or other persons and the rights and interest of the
trust therein;

���� (2) Pledge of rentals,
receipts and other revenues to be derived from leases or other contractual
arrangements with any person or entity, public or private, including one or
more local government units, public water utilities,
P3 eligible entities,

or other persons, or a pledge or assignment of those leases or other
contractual arrangements and the rights and interest of the trust therein;

���� (3) Pledge of all moneys,
funds, accounts, securities and other funds, including the proceeds of the
bonds, notes or other obligations;

���� (4) Pledge of the receipts to
be derived from the payments of State aid, payable to the trust pursuant to
section 12 of P.L.1985, c.334 (C.58:11B-12);

���� (5) A mortgage on all or any
part of the property, real or personal, of the trust then owned or thereafter
to be acquired, or a pledge or assignment of mortgages made to the trust by any
person or entity, public or private, including one or more local government
units, public water utilities,
P3 eligible entities,
or other persons,
and the rights and interest of the trust therein.

���� i.���� The trust shall not
issue any bonds, notes or other obligations, or otherwise incur any additional
indebtedness, on or after June 30, 2033.

���� j.���� (Deleted by amendment,
P.L.1996, c.88).

(cf: P.L.2023, c.63, s.12)

���� 26.� Section 7 of P.L.1985,
c.334 (C.58:11B-7) is amended to read as follows:

���� 7.��� In any resolution of the
trust authorizing or relating to the issuance of any of its bonds, notes or
other obligations, the trust, in order to secure the payment of the bonds,
notes or other obligations and in addition to its other powers, may by provisions
therein which shall constitute covenants by the trust and contracts with the
holders of the bonds, notes or other obligations:

���� a.���� Secure the bonds, notes
or other obligations as provided in section 6 of P.L.1985, c.334 (C.58:11B-6);

���� b.��� Covenant against
pledging all or part of its revenues or receipts;

���� c.���� Covenant with respect
to limitations on any right to sell, mortgage, lease or otherwise dispose of
any notes, bonds or other obligations of local government units
, P3 eligible
entities,
or other persons, or any part thereof, or any property of any
kind;

���� d.��� Covenant as to any
bonds, notes or other obligations to be issued by the trust, and the
limitations thereon, and the terms and conditions thereof, and as to the
custody, application, investment and disposition of the proceeds thereof;

���� e.���� Covenant as to the
issuance of additional bonds, notes or other obligations of the trust or as to
limitations on the issuance of additional bonds, notes or other obligations and
on the incurring of other debts by it;

���� f.���� Covenant as to the
payment of the principal of or interest on bonds, notes or other obligations of
the trust, as to the sources and methods of payment, as to the rank or priority
of the bonds, notes or other obligations with respect to any lien or security
or as to the acceleration of the maturity of the bonds, notes or other
obligations;

���� g.��� Provide for the
replacement of lost, stolen, destroyed or mutilated bonds, notes or other
obligations of the trust;

���� h.��� Covenant against
extending the time for the payment of bonds, notes or other obligations of the
trust or interest thereon;

���� i.���� Covenant as to the
redemption of bonds, notes and other obligations by the trust or the holders
thereof and privileges of exchange thereof for other bonds, notes or other
obligations of the trust;

���� j.���� Covenant to create or
authorize the creation of special funds or accounts to be held in trust or
otherwise for the benefit of holders of bonds, notes and other obligations of
the trust, or reserves for other purposes and as to the use, investment, and disposition
of moneys held in those funds, accounts or reserves;

���� k.��� Provide for the rights
and liabilities, powers and duties arising upon the breach of any covenant,
condition or obligation and prescribe the events of default and terms and
conditions upon which any or all of the bonds, notes or other obligations of
the trust shall become or may be declared due and payable before maturity and
the terms and conditions upon which the declaration and its consequences may be
waived;

���� l.���� Vest in a trustee or
trustees within or without the State any property, rights, powers and duties in
trust as the trust may determine, which may include any or all of the rights,
powers and duties of any trustee appointed by the holders of any bonds, notes
or other obligations of the trust pursuant to section 18 of P.L.1985, c.334
(C.58:11B-18), including rights with respect to the sale or other disposition
of notes, bonds or other obligations of local government units, public water
utilities,
P3 eligible entities,
or other persons, pledged pursuant to a
resolution or trust indenture for the benefit of the holders of bonds, notes or
other obligations of the trust and the right by suit or action to foreclose any
mortgage pledged pursuant to the resolution or trust indenture for the benefit
of the holders of the bonds, notes or other obligations, and to limit or
abrogate the right of the holders of any bonds, notes or other obligations of
the trust to appoint a trustee under the provisions of P.L.1985, c.334 (C.58:11B-1
et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22 and 34 through 38 of
P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5, C.58:11B-20.2,
C.58:11B-22.3, and C.58:11B-22.4),
or the provisions of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill),
and to limit the rights, duties and
powers of the trustee;

���� m.�� Pay the costs or expenses
incident to the enforcement of the bonds, notes or other obligations of the
trust or of the provisions of the resolution authorizing the issuance of those
bonds, notes or other obligations or of any covenant or agreement of the trust
with the holders of the bonds, notes or other obligations;

���� n.��� Limit the rights of the
holders of any bonds, notes or other obligations of the trust to enforce any
pledge or covenant securing the bonds, notes or other obligations; and

���� o.��� Make covenants other
than or in addition to the covenants authorized by P.L.1985, c.334 (C.58:11B-1
et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22 and 34 through 38 of
P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5, C.58:11B-20.2,
C.58:11B-22.3, and C.58:11B-22.4)
, or P.L. ,
c.
(C. ) (pending
before the Legislature as this bill)
of like or different character, and
make covenants to do or refrain from doing any acts and things as may be
necessary, or convenient and desirable, in order to better secure the bonds,
notes or other obligations of the trust, or which, in the absolute discretion
of the trust, would make the bonds, notes or other obligations more marketable,
notwithstanding that the covenants, acts or things may not be enumerated
herein.

(cf: P.L.2023, c.63, s.13)

���� 27.� Section 9 of P.L.1985,
c.334 (C.58:11B-9) is amended to read as follows:

���� 9.� a. (1) The trust may make
and contract to make loans to local government units, or to a local government
unit on behalf of another local government unit, in accordance with and subject
to the provisions of P.L.1985, c.334 (C.58:11B-1 et seq.) or P.L.1997, c.224
(C.58:11B-10.1 et al.) to finance the cost of any wastewater treatment system
project or water supply project, which the local government unit may lawfully
undertake or acquire and for which the local government unit is authorized by
law to borrow money.

���� (2) The trust may make and
contract to make loans to public water utilities, or to any other person or
local government unit on behalf of a public water utility, in accordance with
and subject to the provisions of P.L.1985, c.334 (C.58:11B-1 et seq.) or P.L.1997,
c.224 (C.58:11B-10.1 et al.) to finance the cost of any water supply project,
which the public water utility may lawfully undertake or acquire.

���� (3) The trust may make and
contract to make loans to private persons other than local government units, or
to any other person or local government unit on behalf of a private person, in
accordance with and subject to the provisions of P.L.1985, c.334 (C.58:11B-1 et
seq.) or P.L.1997, c.224 (C.58:11B-10.1 et al.) to finance the cost of
stormwater management systems.

���� (4) The trust may make and
contract to make loans and provide other assistance to a local government unit
or consortia thereof to finance the cost of transportation projects, aviation
projects, and marine projects pursuant to sections 22 and 34 through 38 of
P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5, C.58:11B-20.2,
C.58:11B-22.3, and C.58:11B-22.4), and provided that the federally-funded
transportation subaccount is operated in accordance with the provisions of the
federal infrastructure bank program.

����
(5) The trust may make and
contract to make loans and provide other assistance to a P3 eligible entity or
private entity, or a consortia thereof, to finance the cost of energy-related
projects pursuant to the provisions of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill).

���� The loans may be made subject
to those terms and conditions as the trust shall determine to be consistent
with the purposes thereof. Each loan by the trust and the terms and conditions
thereof shall be subject to approval by the State Treasurer, and the trust
shall make available to the State Treasurer all information, statistical data
and reports of independent consultants or experts as the State Treasurer shall
deem necessary in order to evaluate the loan. Each loan to a local government
unit, public water utility
, P3 eligible entity,
or any other person
shall be evidenced by notes, bonds or other obligations thereof issued to the
trust.� In the case of each local government unit, notes and bonds to be issued
to the trust and, if applicable, the State, acting by and through the Department
of Environmental Protection, by the local government unit (1) shall be
authorized and issued as provided by law for the issuance of notes and bonds by
the local government unit, (2) notwithstanding any provisions of the "Local
Authorities Fiscal Control Law," P.L.1983, c.313 (C.40A:5A-1 et seq.) to
the contrary, shall be approved by the Director of the Division of Local
Government Services in the Department of Community Affairs, and (3)
notwithstanding the provisions of N.J.S.40A:2-27, N.J.S.40A:2-28 and
N.J.S.40A:2-29 or any other provisions of law to the contrary, may be sold at
private sale to the trust or the State, as the case may be, at any price,
whether or not less than par value, and shall be subject to redemption prior to
maturity at any times and at any prices as the trust or the State, as the case
may be, and local government units may agree. Each loan to a local government
unit, public water utility
, P3 eligible entity,
or any other person and
the notes, bonds or other obligations thereby issued shall bear interest at a
rate or rates per annum as the trust or the State, as the case may be, and the
local government unit, public water utility
, P3 eligible entity,
or any
other person, as the case may be, may agree.

���� b.��� The trust is authorized
to guarantee or contract to guarantee the payment of all or any portion of the
principal and interest on bonds, notes or other obligations issued by a local
government unit, public water utility,
P3 eligible entity,
or other
person, to finance, as applicable, the cost of any wastewater treatment system
project, water supply project, transportation project, aviation project,
[
or
]
marine
project,
or energy-related project,
or redevelopment project that
includes, as a portion thereof, any wastewater treatment system project, water
supply project, transportation project, aviation project, marine project,
or
energy-related project,
or
any
hazard mitigation and resilience
project as defined in section 2 of P.L.2023, c.63 (C.58:11B-20.4), which the
local government unit, public water utility,
P3 eligible entity,
or
other person may lawfully undertake or acquire and for which the local
government unit is authorized by law to borrow money, and the guarantee shall
constitute an obligation of the trust, and shall be in furtherance of the
corporate purposes of the trust, for the purposes of P.L.1985, c.334
(C.58:11B-1 et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4)
, or P.L. ,
c.
(C. ) (pending
before the Legislature as this bill)
.� Each guarantee by the trust and the
terms and conditions thereof shall be subject to approval by the State
Treasurer, and the trust shall make available to the State Treasurer all
information, statistical data and reports of independent consultants or experts
as the State Treasurer shall deem necessary in order to evaluate the guarantee.

���� c.���� The trust shall not
make or contract to make any loans or guarantees to local government units,
public water utilities
, P3 eligible entities,
or any other person, or
otherwise incur any additional indebtedness, on or after June 30, 2053.

���� d.��� Notwithstanding any
provision of P.L.1985, c.334 (C.58:11B-1 et seq.) or P.L.1997, c.224
(C.58:11B-10.1 et al.) to the contrary, the trust may receive funds from any
source including, without limitation, any funds drawn by the trust from a
revolving line of credit or other similar financial vehicle that may be
procured by the trust, either through a competitive or negotiated process,
pursuant to section 5 of P.L.1985, c.334 (C.58:11B-5), for deposit into the
Interim Environmental Financing Program Fund or the trust may issue its bonds,
notes or other obligations, including commercial paper issued through a
competitive or negotiated process, in any principal amounts, in either case, as
in the judgment of the trust shall be necessary to provide sufficient funds to
finance or refinance short-term or temporary loans to local government units,
public water utilities or private persons for any wastewater treatment system
projects included on the Department of Environmental Protection project
priority list and eligible for approval pursuant to section 20 of P.L.1985,
c.334 (C.58:11B-20) or water supply projects included on the Department of
Environmental Protection project priority list and eligible for approval
pursuant to section 24 of P.L.1997, c.224 (C.58:11B-20.1), as applicable,
without regard to any other provisions of P.L.1985, c.334 (C.58:11B-1 et seq.)
or P.L.1997, c.224 (C.58:11B-10.1 et al.), including, without limitation, any
administrative or legislative approvals.

���� The trust shall create and
establish a special fund to be known as the "Interim Environmental
Financing Program Fund" for the short-term or temporary loan financing or
refinancing program to be known as the "Interim Environmental Financing
Program."� The monies in the fund shall be used for short-term or
temporary loans for clean water and drinking water projects pursuant to the New
Jersey Environmental Infrastructure Financing Program.

���� Except as provided in section
1 of P.L.2013, c.93 (C.58:11B-9.5), any short-term or temporary loans made by
the trust pursuant to this subsection may only be made in advance of the
anticipated loans the trust may make and contract to make under the provisions
of subsection a. of this section from any source of funds anticipated to be
received by the trust.� Any such short-term or temporary loan made pursuant to
the Interim Environmental Financing Program shall mature no later than the last
day of the third succeeding fiscal year following the closing date on which the
short-term or temporary loan was made by the trust to the project sponsor;
except a planning, design, and construction loan shall mature no later than the
last day of the fifth succeeding fiscal year following the closing date of the
planning, design, and construction loan or the last day of the third succeeding
fiscal year following the date of construction certification following the
closing date of the planning, design, and construction loan, whichever is
sooner, provided that, in either case, project planning or engineering design
activities shall not exceed two years from the closing date of the planning,
design, and construction loan; and except a short-term or temporary loan made
pursuant to this subsection for environmental planning and engineering design
costs associated with long-term control plans for combined sewer overflow
projects shall mature no later than the last day of the 10th succeeding fiscal
year following the closing date on which the short-term or temporary loan was
made by the trust to the project sponsor; and except a short-term or temporary
loan made pursuant to this subsection which has been submitted as part of an
application for funding pursuant to the "Water Infrastructure Finance and
Innovation Act of 2014" (WIFIA), 33 U.S.C. s.3901 et seq., as amended and
supplemented, shall mature not later than the funding draw period allowed by
this federal act.� Any short-term or temporary loan or planning, design and
construction loan made by the trust pursuant to this subsection may mature in a
shorter period of time as may be necessary to align with construction
completion.� With respect to any short-term or temporary loan or planning,
design, and construction loan made by the trust pursuant to this subsection,
the trust may authorize one short-term supplemental loan for residual project
expenses thereof upon receipt by the trust from the Department of Environmental
Protection of a certification that states that the time required by the project
sponsor to complete construction of the project exceeds the maximum maturity
date of the project sponsor's outstanding short-term or temporary loan or
planning, design, and construction loan.� Any such short-term supplemental loan
shall not exceed in duration the last day of the third succeeding fiscal year
following the loan closing of the supplemental loan.� The trust may make
short-term or temporary loans pursuant to the Interim Environmental Financing
Program to any one or more of the project sponsors, for the respective projects
thereof, identified in the interim financing project priority list to be known
as the "Interim Environmental Financing Program Project Priority
List" in the form provided to the Legislature by the Commissioner of
Environmental Protection.

���� The Interim Environmental
Financing Program Project Priority List, including any revision thereof or
supplement thereto, shall be submitted to the Legislature pursuant to section 2
of P.L.1991, c.164 (C.52:14-19.1) at least once in each fiscal year as provided
in section 20 of P.L.1985, c.334 (C.58:11B-20) and section 24 of P.L.1997,
c.224 (C.58:11B-20.1).� The Secretary and the Clerk shall cause the date of
submission to be entered upon the Senate Journal and the Minutes of the General
Assembly, respectively. The trust may revise or supplement the Interim
Environmental Financing Program Project Priority List no more than four times
during the fiscal year and shall submit the revised list to the Legislature
when the revisions are made.� Any environmental infrastructure project or the
project sponsor thereof not identified in the Interim Environmental Financing
Program Project Priority List shall not be eligible for a short-term or
temporary loan from the Interim Environmental Financing Program Fund.� The trust
may issue short-term or temporary loans pursuant to this subsection only if a
project is listed on an Interim Environmental Financing Program Project
Priority List that has been submitted to the Legislature.� No funds may be
disbursed pursuant to this section for environmental infrastructure project
activities prior to a determination and certification, in writing, from the
Department of Environmental Protection, that the project activities satisfy the
provisions of P.L.1985, c.334 (C.58:11B-1 et seq.).

���� e.���� Notwithstanding any
provisions of the "Local Bond Law" (N.J.S.40A:2-1 et seq.), the
"sewerage authorities law," P.L.1946, c.138 (C.40:14A-1 et seq.), or
the "municipal and county utilities authorities law," P.L.1957, c.183
(C.40:14B-1 et seq.) to the contrary, short-term or temporary loans made by the
trust pursuant to section 9 of P.L.1985, c.334 (C.58:11B-9) or section 1 of
P.L.2013, c.93 (C.58:11B-9.5), and the obligations issued by project sponsors
to evidence such loans, may, at the discretion of the trust and upon
application by the project sponsor, bear interest at a variable rate determined
pursuant to a methodology as may be established by the trust from time to time.

���� Further, notwithstanding any
provisions of the "Local Bond Law" (N.J.S.40A:2-1 et seq.), the
"sewerage authorities law," P.L.1946, c.138 (C.40:14A-1 et seq.), or
the "municipal and county utilities authorities law," P.L.1957, c.183
(C.40:14B-1 et seq.) to the contrary, any short-term or temporary loans made by
the trust pursuant to section 9 of P.L.1985, c.334 (C.58:11B-9) or section 1 of
P.L.2013, c.93 (C.58:11B-9.5), and any notes or other obligations issued by
project sponsors to evidence such short-term or temporary loans, as such loans,
notes, or other obligations may be refinanced or extended, as provided in
subsections d. and g. of this section and section 1 of P.L.2013, c.93
(C.58:11B-9.5), except for loans for environmental planning and engineering
design costs associated with long-term control plans for combined sewer
overflow projects as provided in subsection d. of this section, shall mature no
later than the maturity date as established pursuant to subsections d. and g.
of this section and section 1 of P.L.2013, c.93 (C.58:11B-9.5), without payment
by project sponsors of any portion of the principal thereof prior to maturity.

���� f.���� Any balances remaining
in the Emergency Loan Fund established pursuant to section 4 of P.L.2007, c.138
(C.58:11B-9.1), the Planning and Design Fund established pursuant to section 1
of P.L.2009, c.59 (C.58:11B-9.2), the Onsite Wastewater Disposal Loan Fund
established pursuant to section 5 of P.L.2009, c.103 (C.58:11B-9.3), the
Supplemental Loan Fund established pursuant to section 2 of P.L.2011, c.94
(C.58:11B-9.4), and the Equipment Loan Fund established pursuant to section 1
of P.L.2014, c.28 (C.58:11B-9.6) after the date of enactment of P.L.2016, c.30
shall be transferred to the Interim Environmental Financing Program Fund, and
any loan repayments to the trust of principal and interest or premium on loans
made from those funds shall be credited to the Interim Environmental Financing
Program Fund.

���� g.��� The trust shall create
and establish a special fund to be known as the "Interim Transportation
Financing Program Fund" for the short-term or temporary loan financing or
refinancing program to be known as the "Interim Transportation Financing
Program."

���� Notwithstanding any provision
of P.L.1985, c.334 (C.58:11B-1 et seq.) or P.L.1997, c.224 (C.58:11B-10.1 et
al.) to the contrary, the trust may receive funds from any source including,
without limitation, any funds drawn by the trust from a revolving line of
credit or other similar financial vehicle that may be procured by the trust,
either through a competitive or negotiated process, pursuant to section 5 of
P.L.1985, c.334 (C.58:11B-5), for deposit into the Interim Transportation
Financing Program Fund or the trust may issue its bonds, notes or other
obligations in any principal amounts, in either case, as in the judgment of the
trust shall be necessary to provide sufficient funds to finance or refinance
short-term or temporary loans to local government units or private persons for
any transportation project, aviation project, or marine project included on the
Department of Transportation Interim Transportation Financing Program Project
Priority List for the ensuing fiscal year and eligible for approval pursuant to
sections 22 and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through
C.58:11B-10.5, C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4), without regard
to any other provisions of P.L.1985, c.334 (C.58:11B-1 et seq.), P.L.1997,
c.224 (C.58:11B-10.1 et al.), or sections 22 and 34 through 38 of P.L.2016,
c.56 (C.58:11B-10.3 through C.58:11B-10.5, C.58:11B-20.2, C.58:11B-22.3, and
C.58:11B-22.4), including, without limitation, any administrative or
legislative approvals.

���� Any short-term or temporary
loans made by the trust pursuant to this subsection may only be made in advance
of the anticipated loans the trust may make and contract to make under the
provisions of subsection a. of this section from any source of funds anticipated
to be received by the trust.� Any such short-term or temporary loan made
pursuant to the Interim Transportation Financing Program shall mature no later
than the last day of the third succeeding fiscal year following the closing
date on which the short-term or temporary loan was made by the trust to the
project sponsor; except a planning, design, and construction loan shall mature
no later than the last day of the fifth succeeding fiscal year following the
closing date of the planning, design, and construction loan or the last day of
the third succeeding fiscal year following the date of construction
certification following the closing date of the planning, design, and
construction loan, and except a short-term or temporary loan made pursuant to this
subsection which has been submitted as part of an application for funding
pursuant to the "Transportation Infrastructure Finance and Innovation Act
of 1998" (TIFIA), 23 U.S.C. s.601 et seq., as amended and supplemented,
shall mature not later than the funding draw period allowed by this federal
act.� Any short-term or temporary loan or planning, design and construction
loan made by the trust pursuant to this subsection may mature in a shorter
period of time as may be necessary to align with construction completion,
whichever is sooner, provided that, in either case, project planning or
engineering design activities shall not exceed two years from the closing date
of the planning, design, and construction loan.� With respect to any short-term
or temporary loan or planning, design, and construction loan made by the trust
pursuant to this subsection, the trust may authorize one short-term
supplemental loan for residual expenses thereof upon receipt by the trust from
the Department of Transportation of a certification that states that the time
required by the project sponsor to complete construction of the project exceeds
the maximum maturity date of the short-term or temporary loan or planning,
design, and construction loan.� Any such short-term supplemental loan shall not
exceed in duration the last day of the third succeeding fiscal year following
the loan closing of the short-term supplemental loan.� The trust may make
short-term or temporary loans pursuant to the Interim Transportation Financing
Program to any one or more of the project sponsors, for the respective projects
thereof, only if a project is identified in the Department of Transportation
Interim Transportation Financing Program Project Priority List to be known as
the "Interim Transportation Financing Program Project Priority List"
in the form provided to the Legislature by the Commissioner of Transportation.

���� The Interim Transportation
Financing Program Project Priority List, including any revision thereof or
supplement thereto, shall be submitted to the Secretary of the Senate and the
Clerk of the General Assembly on or before July 1 of each year.� The Interim
Transportation Financing Program Project Priority List shall be submitted to
the Legislature pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1) at
least once in each fiscal year.� The Secretary and the Clerk shall cause the
date of submission to be entered upon the Senate Journal and the Minutes of the
General Assembly, respectively. Any transportation infrastructure project or
the project sponsor thereof not identified in the Interim Transportation
Financing Program Project Priority List shall not be eligible for a short-term
or temporary loan from the Interim Transportation Financing Program Fund.� The
trust may revise or supplement the Interim Transportation Financing Program
Project Priority List no more than four times during the fiscal year, and shall
submit the revised list to the Legislature when the revisions are made.

���� No funds may be disbursed
pursuant to this subsection for transportation project, aviation project, or
marine project activities prior to certification in writing, from the trust,
that the project activities satisfy the provisions of P.L.1985, c.334 (C.58:11B-1
et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.), or sections 22 and 34 through
38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5, C.58:11B-20.2,
C.58:11B-22.3, and C.58:11B-22.4).� Construction activities for a
transportation project shall also require written notification of award
concurrence from the Department of Transportation prior to fund disbursement.

����
h.� (1) The trust shall
create and establish a special fund to be known as the "Interim Energy
Financing Program Fund" for the short-term or temporary loan financing or
refinancing program to be known as the "Interim Energy Financing Program."

����
(2) Notwithstanding any
provision of P.L.1985, c.334 (C.58:11B-1 et seq.) or P.L.1997, c.224
(C.58:11B-10.1 et al.) to the contrary, the trust may receive funds from any
source including, without limitation, any funds drawn by the trust from a
revolving line of credit or other similar financial vehicle that may be
procured by the trust, either through a competitive or negotiated process,
pursuant to section 5 of P.L.1985, c.334 (C.58:11B-5), for deposit into the
"Interim Energy Financing Program Fund" or the trust may issue its
bonds, notes, or other obligations in any principal amounts, in either case, as
in the judgment of the trust shall be necessary to provide sufficient funds to
finance or refinance short-term or temporary loans to P3 eligible entities for
any energy-related project included on the Interim Energy Financing Program
Project Priority List for the ensuing fiscal year and eligible for approval
pursuant to P.L. , c.
(C. ) (pending
before the Legislature as this bill), without regard to any other provisions of
P.L.1985, c.334 (C.58:11B-1 et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
or sections 22 and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through
C.58:11B-10.5, C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4), including,
without limitation, any administrative or legislative approvals.

����
(3) Any short-term or
temporary loans made by the trust pursuant to this subsection may only be made
in advance of the anticipated loans the trust may make and contract to make
under the provisions of subsection a. of this section from any source of funds
anticipated to be received by the trust.� Any such short-term or temporary loan
made pursuant to the Interim Energy Financing Program shall mature no later
than the last day of the third succeeding fiscal year following the closing
date on which the short-term or temporary loan was made by the trust to the
project sponsor; except a planning, design, and construction loan shall mature
no later than the last day of the fifth succeeding fiscal year following the
closing date of the planning, design, and construction loan or the last day of
the third succeeding fiscal year following the date of construction
certification following the closing date of the planning, design, and
construction loan, whichever is sooner, provided that, in either case, project
planning or engineering design activities shall not exceed two years from the
closing date of the planning, design, and construction loan.� The trust may
make short-term or temporary loans pursuant to the Interim Energy Financing
Program to any one or more of the project sponsors, for the respective projects
thereof, only if a project is identified on the list to be known as the "Interim
Energy Financing Program Project Priority List" in the form provided to
the Legislature by the trust.

����
(4) The Interim Energy
Financing Program Project Priority List, including any revision thereof or
supplement thereto, shall be submitted to the Secretary of the Senate and the
Clerk of the General Assembly on or before July 1 of each year.� The Interim Energy
Financing Program Project Priority List shall be submitted to the Legislature
pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1) at least once in each
fiscal year.� The Secretary and the Clerk shall cause the date of submission to
be entered upon the Senate Journal and the Minutes of the General Assembly,
respectively.� An energy-related project or the project sponsor thereof not
identified in the Interim Energy Financing Program Project Priority List shall
not be eligible for a short-term or temporary loan from the Interim Energy
Financing Program Fund.� The trust may revise or supplement the Interim Energy
Financing Program Project Priority List no more than four times during the
fiscal year, and shall submit the revised list to the Legislature when the
revisions are made.

����
(5) No funds may be
disbursed pursuant to this subsection for project activities prior to written
notification of award certification in writing from the trust that the project
activities satisfy the provisions of P.L.1985, c.334 (C.58:11B-1 et seq.),
P.L.1997, c.224 (C.58:11B-10.1 et al.), and P.L. ,
c.
(C. ) (pending
before the Legislature as this bill).

(cf: P.L.2023, c.63, s.14)

���� 28. (New section) There is
established in the New Jersey Infrastructure Bank the Energy Infrastructure Financing
Program.� The purpose of the program shall be to provide loans and other forms
of financial assistance, as the trust deems appropriate, to P3 eligible
entities and private entities that are parties to public-private partnership
agreements to develop and finance energy-related projects approved by the
Energy P3 Program pursuant to P.L. ,
c.
(C. ) (pending
before the Legislature as this bill).

���� 29.� (New Section) a. �There
is established in the New Jersey Infrastructure Bank a special fund to be known
as the Energy Loan Origination Fee Fund.� The Energy Loan Origination Fee Fund
shall be credited with:

���� (1) monies deposited into the
fund as loan origination fees received by the trust and paid by loan applicants
for energy-related projects financed under the Energy Infrastructure Financing
Program; and

���� (2) any interest paid on the
amounts of the energy loan origination fees.

���� b.� Monies in the Energy Loan
Origination Fee Fund shall be drawn and used by the trust to reimburse the
trust for administrative and operating expenses incurred in administering the
Energy Infrastructure Financing Program, except that the total amount expended
by the trust for administrative and operating expenses in any fiscal year shall
not exceed $8,000,000.� The monies in the Energy Loan Origination Fee Fund
shall also be available for application by the trust for loans to P3 eligible
entities for the cost of energy-related projects.� Amounts in excess of the
funds drawn by the trust from the Energy Loan Origination Fee Fund during any
given fiscal year shall be carried forward into the following fiscal year and
held on deposit in the fund.

���� c.� As used in this section, "Energy
Loan Origination Fee" means the fee charged by the trust in connection
with engineering and other services provided by the trust to a project sponsor
in connection with the project sponsor's participation in the Energy Infrastructure
Financing Program.� A project sponsor may finance any portion of the energy
loan origination fee through an energy loan to pay a portion of the costs
incurred by the trust in the implementation of the Energy

Infrastructure Financing Program.

���� d.� Monies in the Energy Loan
Origination Fee Fund may be used to provide loans for fund-approved origination
costs associated with the identification and preliminary development and design
of potential energy-related projects.� Such loans shall be repaid in full by
the developers of energy-related projects that are approved by the Energy P3
Program and developed by the developers, and shall be considered and treated as
project costs.� For energy-related projects that are not approved or developed,
upon application to the Energy P3 Program demonstrating good cause for relief
in accordance with criteria established by the Energy P3 Program, origination
costs may be shared by the Energy P3 Program and P3 eligible entity through
forgiveness of one-half of the approved invoices submitted by the developer
performing the preliminary work for the proposed energy-related project.� The
origination costs permitted per project shall not exceed $100,000 in the
aggregate and $50,000 in loan forgiveness.� A developer that receives
compensation under this section for assisting the identification, preliminary
design, or preliminary development of an energy-related project, or the
preparation of the project proposal to the Energy P3 Program for such project,
shall be disqualified from bidding for the energy-related project and from any
involvement in project development, other than as a representative of the P3
eligible entity.

���� 30.� (New section) a.� The
trust shall create and establish a special fund to be known as the State Energy
Infrastructure Bank Fund.� The monies in the State Energy Infrastructure Bank
Fund shall only be used to provide loans and other financial assistance to
energy-related projects funded by the Energy Infrastructure Financing Program,
and for other corporate purposes of the trust's administration and management
of the Energy Infrastructure Financing Program, subject to agreements with the
holders of bonds, notes or other obligations of the trust.� The State Energy
Infrastructure Bank Fund shall be credited with:

���� (1) State and federal funds
appropriated to the State Energy Infrastructure Bank Fund;

���� (2) monies received as
repayment of the principal of, and the interest or premium on loans made from
the State Energy Infrastructure Bank Fund;

���� (3) any interest earnings
received on the monies in the State Energy Infrastructure Bank Fund; and

���� (4) any other monies the
Legislature may appropriate to the trust for deposit into the State Energy
Infrastructure Bank Fund to finance or refinance loans for energy-related
projects issued from the State Energy Infrastructure Bank Fund.

���� b.� Notwithstanding any
provisions of P.L. , c.
(C. ) (pending
before the Legislature as this bill) to the contrary, all monies placed into
the State Energy Infrastructure Bank Fund shall be held separate from other
funds of the trust, and no funds used to finance energy-related projects shall
be combined or comingled with any funds that finance (1) wastewater treatment
system projects, (2) water supply projects, (3) other environmental
infrastructure projects, or (4) transportation, transit, marine or aviation
projects, which are not energy-related projects.

���� c.� The trust may establish or
direct the establishment of federal and State accounts or subaccounts as may be
necessary to meet any applicable federal law requirements or desirable for the
efficient administration of the trust.

����
31.� (New section) a.� The
trust, through the Energy P3 Program, shall for each fiscal year, develop a
priority system for energy-related projects that seek financing from the Energy
Infrastructure Financing Program.� The trust shall maintain an Energy
Infrastructure Financing Program Project Priority List, hereinafter referred to
as the Energy Project Priority List, which shall identify the energy-related
projects that the trust has selected for funding in each fiscal year and the
aggregate amount of funds the trust has authorized for this purpose.� The
Energy Project Priority List shall provide a description of each project and an
explanation of how the projects are ranked.�

���� The Energy Project Priority
List shall be submitted to the Legislature for the fiscal year on or before
January 15 of each year.� The Secretary and the Clerk shall cause the date of
submission to be entered upon the Senate Journal and the Minutes of the General
Assembly, respectively.� Incremental revisions or supplements to the Energy
Project Priority List may be submitted to the Legislature as provided in
subsection g. of section 9 of P.L.1985, c.334 (C.58:11B-9).� An energy-related
project shall be eligible for funding pursuant to this section if it is
identified on an Energy Project Priority List.

���� Energy-related projects that
do not seek financing from the trust shall not be subject to prioritization in
accordance with this section and shall be considered on their own merit in
accordance with the general review criteria established pursuant to section 16
of P.L. , c.
(C. ) (pending
before the Legislature as this bill).

���� b.� The trust shall prepare an
Energy Financing Program Project Eligibility List for long-term funding by the
trust and shall include the aggregate amount of funds to be authorized for
these purposes. The Energy Financing Program Project Eligibility List shall
consist of Energy Financing Program Project Priority List projects certified by
the trust that have commenced construction and demonstrated to the Energy P3
Program a high likelihood of construction completion within three years of date
of funding.�

���� On or before May 15 of each
year, the trust shall submit the Energy Financing Program Project Eligibility
List for the ensuing fiscal year including any amendatory or supplementary
provisions thereto, which shall include the authorization of an aggregate
amount of funds of the trust to be expended for loans and guarantees for the
specific energy-related projects, including the individual amounts therefor, to
be introduced in each House in the form of legislative appropriations bills,
which shall be referred to the Senate Environment and Energy Committee and the
Assembly Science, Innovation and Technology Committee, or their successors, for
their respective consideration.

���� The Senate Environment and
Energy Committee and the Assembly Science, Innovation and Technology Committee,
or their successors, shall, either individually or jointly, consider the
legislation containing the Energy Program Project Eligibility List, and shall
report the legislation, together with any modifications, out of committee for
consideration by each House of the Legislature.�

���� On or before July 1 of each
year, the Legislature shall approve an appropriations act containing the Energy
Program Project Eligibility List, including any amendatory or supplementary
provisions thereto, which act shall include the authorization of an aggregate
amount of funds of the trust to be expended for long-term loans and guarantees
for the energy-related projects, including the individual amounts for each
project included on the list.

���� c.� On or before October 15 of
each year, the trust may submit an amended Energy Financing Program Project
Eligibility List to be introduced in each House in the form of legislative
appropriations bills for approval by the Legislature on or before January 15 of
the following calendar year in the manner set forth in subsection a. and
subsection b. of this section.

���� d.� The trust shall not expend
any money for a long-term loan or guarantee during a fiscal year for any
energy-related project unless the expenditure has been authorized pursuant to a
State annual appropriations act of the current or three immediately preceding
fiscal years as provided in the provisions of this section, or as otherwise set
forth in an appropriations act.

���� e.� The trust shall submit to
the Secretary of the Senate and the Clerk of the General Assembly on or before
January 15 of each year a report which shall identify the energy-related
projects financed during the prior fiscal year, including a project description,
the amount of the loan provided for each project, and the duration of each
loan.

���� 32. �(New section) �a. �On or
before May 15 of each year, the trust shall submit to the Legislature a
financial plan designed to implement the financing of the energy-related
projects on the Energy Financing Program Project Priority List or the Energy
Financing Program Project Eligibility List.� The financial plan shall contain
an enumeration of the bonds, notes or other obligations of the trust which the
trust intends to issue, including the amounts thereof and the terms and
conditions thereof, a list of loans to be made to P3 eligible entities,
including the terms and conditions thereof and the anticipated rate of interest
per annum and repayment schedule therefor and a list of loan guarantees or
contracts to guarantee the payment of all or a portion of the principal and
interest on bonds, notes or other obligations issued by a P3 eligible entity to
finance the cost of an energy-related project, and the terms and conditions
thereof.

���� The financial plan shall also
set forth a complete operating and financial statement covering proposed
operations through the fund during the forthcoming fiscal year, including
amounts of income from all sources, and the uniform schedule of fees and charges
established by the trust pursuant to subsection o. of section 5 of P.L.1985,
c.334 (C.58:11B-5), and the amounts to be derived therefrom, and shall
summarize the status of each energy-related project for which loans or
guarantees have been made by the trust.

���� b.� On or before June 30 of
each year the Legislature may reject the financial plan through the adoption by
both houses of a concurrent resolution. �If the Legislature rejects the
financial plan, the project list shall be removed from the annual
appropriations act and the trust shall not undertake any of the proposed
activities contained therein. �If the Legislature takes no action on or before
June 30, the financial plan shall be deemed approved.

���� c.� The financial plan for the
State Energy Infrastructure Bank Fund shall not be eligible for inclusion in a
consolidated financial plan as established in section 27 of P.L.1997, c.224
(C.58:11B-22.2).

���� 33.� (New section) The trust
shall, within three years after the effective date of P.L. ,
c.
(C. ) (pending
before the Legislature as this bill), and annually thereafter, prepare a report
to the Governor and, pursuant to section 2 of P.L.1991, c.164 (C.52:14-19.1),
to the Legislature regarding the number, nature, structure, and scope of
public-private partnership agreements for energy-related projects developed
pursuant to P.L. , c.
(C. ) (pending
before the Legislature as this bill), including: �(1) a description of the
improvements made to the energy infrastructure of participating P3 eligible
entities; (2) environmental benefits; (3) job creation and other economic and
societal benefits; (4) costs incurred; and (5) where applicable, reductions in
energy usage and peak demand, and enhancements to the resiliency and
reliability of the State's energy infrastructure. �The report shall also
address any implementation issues, including staffing and resource
requirements, and may provide recommendations regarding how the processes and
methods adopted to foster the development of public-private partnership
agreements for energy-related projects under P.L. ,
c.
(C. ) (pending
before the Legislature as this bill) may be improved, expanded, or made more
efficient.

���� 34.� Section 13 of P.L.1985,
c.334 (C.58:11B-13) is amended to read as follows:

���� 13.� Neither the directors of
the trust nor any person executing bonds, notes or other obligations of the
trust issued pursuant to P.L.1985, c.334 (C.58:11B-1 et seq.), P.L.1997, c.224
(C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4)
, or P.L. ,
c.
(C. ) (pending
before the Legislature as this bill)
shall be liable personally on the
bonds, notes or other obligations by reason of the issuance thereof.

(cf: P.L.2016, c.56, s.24)

���� 35.� Section 14 of P.L.1985,
c.334 (C.58:11B-14) is amended to read as follows:

���� 14.� The State does pledge to
and covenant and agree with the holders of any bonds, notes or other
obligations of the trust issued pursuant to authorization of P.L.1985, c.334
(C.58:11B-1 et seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4)
, or P.L. ,
c.
(C. ) (pending
before the Legislature as this bill)
that the State shall not limit or
alter the rights or powers vested in the trust to perform and fulfill the terms
of any agreement made with the holders of the bonds, notes or other obligations
or to fix, establish, charge and collect any rents, fees, rates, payments or
other charges as may be convenient or necessary to produce sufficient revenues
to meet all expenses of the trust and to fulfill the terms of any agreement
made with the holders of bonds, notes or other obligations, including the
obligations to pay the principal of and interest and premium on those bonds,
notes or other obligations, with interest on any unpaid installments of
interest, and all costs and expenses in connection with any action or
proceedings by or on behalf of the holders, and shall not limit or alter the rights
and powers of any local government unit, public water utility,
P3 eligible
entity,
or other person to pay and perform its obligations owed to the
trust in connection with loans received from the trust, until the bonds, notes
and other obligations of the trust, together with interest thereon, are fully
met and discharged or provided for.

(cf: P.L.2023, c.63, s.17)

���� 36.� Section 15 of P.L.1985,
c.334 (C.58:11B-15) is amended to read as follows:

���� 15.� The State and all public
officers, governmental units and agencies thereof, all banks, trust companies,
savings banks and institutions, building and loan associations, savings and
loan associations, investment companies, and other persons carrying on a banking
business, all insurance companies, insurance associations and other persons
carrying on an insurance business, and all executors, administrators,
guardians, trustees and other fiduciaries may legally invest any sinking funds,
moneys or other funds belonging to them or within their control in any bonds,
notes or other obligations issued pursuant to P.L.1985, c.334 (C.58:11B-1 et
seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22 and 34 through 38 of
P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5, C.58:11B-20.2,
C.58:11B-22.3, and C.58:11B-22.4),
or P.L. ,
c.
(C. ) (pending
before the Legislature as this bill),
and those bonds, notes or other
obligations shall be authorized security for any and all public deposits.

(cf: P.L.2016, c.56, s.26)

���� 37.� Section 17 of P.L.1985,
c.334 (C.58:11B-17) is amended to read as follows:

���� 17.� All property of the trust
is declared to be public property devoted to an essential public and
governmental function and purpose and the revenues, income and other moneys
received or to be received by the trust shall be exempt from all taxes of the
State or any political subdivision thereof.� All bonds, notes and other
obligations of the trust issued pursuant to P.L.1985, c.334 (C.58:11B-1 et
seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22 and 34 through 38 of
P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5, C.58:11B-20.2,
C.58:11B-22.3, and C.58:11B-22.4)
, or P.L. ,
c.
(C. ) (pending
before the Legislature as this bill)
are declared to be issued by a body
corporate and politic of the State and for an essential public and governmental
purpose and those bonds, notes and other obligations, and interest thereon and
the income therefrom and from the sale, exchange or other transfer thereof
shall at all times be exempt from taxation, except for transfer inheritance and
estate taxes.

(cf: P.L.2016, c.56, s.27)

���� 38.� Section 18 of P.L.1985,
c.334 (C.58:11B-18) is amended to read as follows:

���� 18. a.� If the trust defaults
in the payment of principal of, or interest on, any issue of its bonds, notes
or other obligations after these are due, whether at maturity or upon call for
redemption, and the default continues for a period of 30 days or if the trust
defaults in any agreement made with the holders of any issue of bonds, notes or
other obligations, the holders of 25 percent in aggregate principal amount of
the bonds, notes or other obligations of the issue then outstanding, by
instrument or instruments filed in the office of the clerk of any county in
which the trust operates and has an office and proved or acknowledged in the
same manner as required for a deed to be recorded, may direct a trustee to
represent the holders of the bonds, notes or other obligations of the issuers
for the purposes herein provided.

���� b.��� Upon default, the
trustee may, and upon written request of the holders of 25 percent in principal
amount of the bonds, notes or other obligations of the trust of a particular
issue then outstanding shall, in the trustee's own name:

���� (1) By suit, action or
proceeding enforce all rights of the holders of bonds, notes or other
obligations of the issue, to require the trust to carry out any other
agreements with the holders of the bonds, notes or other obligations of the
issue and to perform its duties under P.L.1985, c.334 (C.58:11B-1 et seq.),
P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4)
, or P.L. ,
c.
(C. ) (pending
before the Legislature as this bill)
;

���� (2) Bring suit upon the bonds,
notes or other obligations of the issue;

���� (3) By action or suit, require
the trust to account as if it were the trustee of an express trust for the
holders of the bonds, notes or other obligations of the issue;

���� (4) By action or suit, enjoin
any acts or things which may be unlawful or in violation of the rights of the
holders of the bonds, notes or other obligations of the issue;

���� (5) Sell or otherwise dispose
of bonds and notes of local government units, public water utilities,
P3
eligible entities,
or other persons pledged pursuant to resolution or trust
indenture for benefit of holders of bonds, notes, or other obligations of the
issue on any terms as resolution or trust indenture may provide;

���� (6) By action or suit,
foreclose any mortgage pledged pursuant to the resolution or trust indenture
for the benefit of the holders of the bonds, notes or other obligations of the
issue;

���� (7) Declare all bonds, notes
or other obligations of the issue due and payable, and if all defaults are made
good, then with the consent of the holders of 50 percent of the principal
amount of the bonds, notes or other obligations of the issue then outstanding,
to annul the declaration and its consequences.

���� c.���� The trustee shall, in
addition to the foregoing, have those powers necessary or appropriate for the
exercise of any function specifically set forth herein or incident to the
general representation of holders of bonds, notes or other obligations of the
trust in the enforcement and protection of their rights.

���� d.��� The Superior Court shall
have jurisdiction over any suit, action or proceeding by the trustees on behalf
of the holders of bonds, notes or other obligations of the trust. The venue of
any suit, action or proceeding shall be in the county in which the principal
office of the trust is located.

���� e.���� Before declaring the
principal of bonds, notes or other obligations of the trust due and payable as
a result of a trust default on any of its bonds, notes or other obligations,
the trustee shall first give 30 days' notice in writing to the trust and to the
Governor, State Treasurer, President of the Senate and Speaker of the General
Assembly.

(cf: P.L.2023, c.63, s.18)

���� 39.� Section 19 of P.L.1985,
c.334 (C.58:11B-19) is amended to read as follows:

���� 19.� Sums of money received
pursuant to the authority of P.L.1985, c.334 (C.58:11B-1 et seq.), P.L.1997,
c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4),
or P.L. ,
c.
(C. ) (pending
before the Legislature as this bill),
whether as proceeds from the sale of
particular bonds, notes or other obligations of the trust or as particular
revenues or receipts of the trust, are deemed to be trust funds, to be held and
applied solely as provided in the resolution or trust indenture under which the
bonds, notes or obligations are authorized or secured.� Any officer with whom
or any bank or trust company with which those sums of money are deposited as
trustee thereof shall hold and apply the same for the purposes thereof, subject
to any provision as the aforementioned acts and the resolution or trust
indenture authorizing or securing the bonds, notes or other obligations of the
trust may provide.

(cf: P.L.2016, c.56, s.29)

���� 40.� Section 23 of P.L.1985,
c.334 (C.58:11B-23) is amended to read as follows:

���� 23.� a.� No funds from State
sources or State bond issues used to capitalize the trust shall be available
for use by the trust unless appropriated by law to the trust.

���� b.��� No funds shall be
expended by the trust for its annual operating expenses unless appropriated by
law to the trust.� Unless required to be otherwise applied pursuant to law,
funds generated by the operation of the trust, including, but not limited to:
proceeds from the sale of the trust's bonds, notes or other obligations;
revenues derived from investments by the trust; loan repayments from local
government units, public water utilities, or other persons; and fees and
charges levied by the trust, may thereafter be applied in accordance with the
provisions of P.L.1985, c.334 (C.58:11B-1 et seq.), P.L.1997, c.224
(C.58:11B-10.1 et al.),
[
or
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4)
, or P.L. ,
c.
(C. ) (pending
before the Legislature as this bill),
for any corporate purpose of the
trust without appropriation; except that the funds shall only be used to make
loans or guarantees approved by the Legislature in accordance with the
provisions of sections 20, 21, and 22 of P.L.1985, c.334 (C.58:11B-20,
C.58:11B-21 and C.58:11B-22), sections 24, 25, and 26 of P.L.1997, c.224
(C.58:11B-20.1, C.58:11B-21.1 and C.58:11B-22.1),
[
or
]
sections 35 through 37 of
P.L.2016, c.56 (C.58:11B-10.5, C.58:11B-20.2, and C.58:11B-22.3)
, or P.L. ,
c.
(C. ) (pending
before the Legislature as this bill)
.

���� c.���� The trust shall not
apply for federal funds, including funds which are authorized pursuant to the
"Federal Water Pollution Control Act Amendments of 1972," Pub.L.
92-500 (33 U.S.C. s.1251 et seq.), and any amendatory or supplementary acts
thereto, except the trust is expressly authorized to apply, in consultation
with the Department of Environmental Protection, for funds under the
"Water Infrastructure Finance and Innovation Act," (WIFIA) 33 U.S.C.
s.3901 et seq. as amended or superseded, and, in consultation with the State
Office of Emergency Management in the Department of Law and Public Safety for
funds under the "Safeguarding Tomorrow Through Ongoing Risk Mitigation
(STORM) Act," Pub.L. 116-284 (42 U.S.C. s. 5135) as amended or superseded,
and with notice to the Department of Transportation, for funds under the
Transportation Infrastructure Finance and Innovation Act (TIFIA) 23 U.S.C. 601
through 23 U.S.C. 609 as amended or superseded, and provisions of the Moving
Ahead for Progress in the 21st Century Act (MAP-21) Pub. L. 112-141, the Fixing
America's Surface Transportation Act (FAST Act) Pub. L. 114-94, the
Transportation Equity Act for the 21st Century (TEA-21) Pub. L. 105-178, the
Safe, Accountable, Flexible and Efficient Transportation Equity Act: a Legacy
for User ("SAFETEA-LU") Pub. L. 109-59, and the Rail Safety
Improvement Act of 2008 Pub. L. 110-432, or any subsequent law concerning
federal surface transportation programs as applicable.

���� The trust, with the
concurrence of the Commissioner of Environmental Protection, may receive,
accept or utilize moneys received from local government units as repayments of
principal and interest on loans made from the State Revolving Fund Accounts
established pursuant to section 1 of P.L.1988, c.133.

���� Repayments of principal and
interest on all federal funds for which the New Jersey Infrastructure Bank is
expressly permitted to apply shall be the responsibility of the borrowers of
New Jersey Infrastructure Bank loans issued utilizing those federal funds, and
in no way shall it be the responsibility of the State of New Jersey or the
Department of Transportation.

(cf: P.L.2023, c.63, s.20)

���� 41.� Section 25 of P.L.1985,
c.334 (C.58:11B-25) is amended to read as follows:

���� 25.� The trust shall establish
the rules and regulations governing the making and use of loans or guarantees,
including, but not limited to, procedures for the submission of loan guarantee
requests, standards for the evaluation of requests, provisions implementing
priority systems for projects, reporting requirements of the recipient of any
loan or guarantee concerning the progress and the expenditure of funds, and
limitations, restrictions or requirements concerning the use of loan funds as
the trust shall prescribe; provided that the rules and regulations shall be in
compliance with the terms and provisions of P.L.1985, c.334 (C.58:11B-1 et
seq.), P.L.1997, c.224 (C.58:11B-10.1 et al.),
[
or
]
sections 22 and 34 through 38 of
P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5, C.58:11B-20.2,
C.58:11B-22.3, and C.58:11B-22.4)
, or P.L. ,
c.
(C. ) (pending
before the Legislature as this bill),
relating to the making of or
eligibility for loans or guarantees for environmental infrastructure projects
generally or for any particular type or class of wastewater treatment system or
water supply projects.

(cf: P.L.2016, c.56, s.31)

���� 42.� Section 27 of P.L.1985,
c.334 (C.58:11B-27) is amended to read as follows:

���� 27.� The trust shall adopt
such rules and regulations as it deems necessary to effectuate the purposes of
P.L.1985, c.334 (C.58:11B-1 et seq.) or P.L.1997, c.224 (C.58:11B-10.1 et al.),
including those required pursuant to sections 25 and 26 of P.L.1985, c.334
(C.58:11B-25 and C.58:11B-26),
[
and
]
sections 22
and 34 through 38 of P.L.2016, c.56 (C.58:11B-10.3 through C.58:11B-10.5,
C.58:11B-20.2, C.58:11B-22.3, and C.58:11B-22.4),
and P.L. ,
c.
(C. ) (pending
before the Legislature as this bill),
in accordance with the
"Administrative Procedure Act," P.L.1968, c.410 (C.52:14B-1 et seq.).

(cf: P.L.2016, c.56, s.33)

���� 43.� N.J.S.18A:18A-42 is
amended to read as follows:

���� 18A:18A-42.� All contracts for
the provision or performance of goods or services shall be awarded for a period
not to exceed 24 consecutive months, except that contracts for professional
services pursuant to paragraph (1) of subsection a. of N.J.S.18A:18A-5 shall be
awarded for a period not to exceed 12 consecutive months.� Any board of
education may award a contract for longer periods of time as follows:

���� a.���� Supplying of:

���� (1)�� Fuel for heating
purposes, for any term not exceeding in the aggregate, three years;

���� (2)�� Fuel or oil for use of
automobiles, autobuses, motor vehicles or equipment, for any term not exceeding
in the aggregate, three years;

���� (3)�� Thermal energy produced
by a cogeneration facility, for use for heating or air conditioning or both,
for any term not exceeding 40 years, when the contract is approved by the Board
of Public Utilities.� For the purposes of this paragraph, "cogeneration"
means the simultaneous production in one facility of electric power and other
forms of useful energy such as heating or process steam; or

���� b.��� Plowing and removal of
snow and ice, for any term not exceeding in the aggregate, three years; or

���� c.���� Collection and disposal
of garbage and refuse, for any term not exceeding in the aggregate, three
years; or

���� d.��� Data processing service,
for any term of not more than seven years; or

���� e.���� Insurance, including
the purchase of insurance coverages, insurance consultant or administrative
services, and including participation in a joint self-insurance fund, risk
management program or related services provided by a school board insurance
group, or participation in an insurance fund established by a county pursuant
to N.J.S.40A:10-6, or a joint insurance fund established pursuant to P.L.1983,
c.372 (C.40A:10-36 et seq.), for any term of not more than three years; or

���� f.���� Leasing or servicing of
automobiles, motor vehicles, electronic communications equipment, machinery and
equipment of every nature and kind and textbooks and non-consumable
instructional materials, for any term not exceeding in the aggregate, five
years; except that contracts for the leasing of school buses may be awarded for
any term not exceeding in the aggregate ten years.� Contracts awarded pursuant
to this subsection shall be awarded only subject to and in accordance with
rules and regulations promulgated by the State Board of Education; or

���� g.��� Supplying of any product
or the rendering of any service by a company providing voice, data,
transmission or switching services, for a term not exceeding five years; or

���� h.��� (Deleted by amendment,
P.L.1999, c.440.)

���� i.���� Driver education
instruction conducted by private, licensed driver education schools, for any
term not exceeding in the aggregate, three years; or

���� j.���� (Deleted by amendment,
P.L.2009, c.4
.
)
[
.
]

���� k.��� Any single project for
the construction, reconstruction or rehabilitation of any public building,
structure or facility, or any public works project, including the retention of
the services of any architect or engineer in connection therewith, for the length
of time authorized and necessary for the completion of the actual construction;
or

���� l.���� Laundry service and the
rental, supply and cleaning of uniforms for any term of not more than three
years; or

���� m.�� Food supplies and food
services for any term of not more than three years; or

���� n.��� Purchases made under a
contract awarded by the Director of the Division of Purchase and Property in
the Department of the Treasury for use by counties, municipalities or other
contracting units pursuant to section 3 of P.L.1969, c.104 (C.52:25-16.1), for
a term not to exceed the term of that contract; or

���� o.��� The provision or
performance of goods or services for the purpose of producing class I renewable
energy, as that term is defined in section 3 of P.L.1999, c.23 (C.48:3-51), at,
or adjacent to, buildings owned by any local board of education, the entire price
of which is to be established as a percentage of the resultant savings in
energy costs, for a term not to exceed 15 years; provided, however, that these
contracts shall be entered into only subject to and in accordance with
guidelines promulgated by the Board of Public Utilities establishing a
methodology for computing energy cost savings and energy generation costs.

����
p.
���
The sale of
electricity or thermal energy, or both, produced by a combined heat and power
facility, cogeneration facility, or on-site generation facility, as those terms
are defined pursuant to section 3 of P.L.1999, c.23 (C.48:3-51), a district
energy system, or a distributed electric generation resource as defined pursuant
to section 3 of P.L. , c.
(C. ) (pending
before the Legislature as this bill) constructed and operated pursuant to a
public-private partnership agreement entered into pursuant to P.L. ,
c.
(C. ) (pending
before the Legislature as this bill) may be for a period not to exceed 25
years, which period shall commence after construction of the facility has been
completed and commercial operation of the facility has commenced.

���� Any contract for services
other than professional services, the statutory length of which contract is for
three years or less, may include provisions for no more than one two-year, or
two one-year, extensions, subject to the following limitations: a. the contract
shall be awarded by resolution of the board of education upon a finding by the
board of education that the services are being performed in an effective and
efficient manner; b. no such contract shall be extended so that it runs for
more than a total of five consecutive years; c. any price change included as
part of an extension shall be based upon the price of the original contract as
cumulatively adjusted pursuant to any previous adjustment or extension and
shall not exceed the change in the index rate for the 12 months preceding the
most recent quarterly calculation available at the time the contract is
renewed; and d. the terms and conditions of the contract remain substantially
the same.

���� All multiyear leases and
contracts entered into pursuant to this section, including any two-year or
one-year extensions, except contracts for insurance coverages, insurance
consultant or administrative services, participation or membership in a joint
self-insurance fund, risk management programs or related services of a school
board insurance group, participation in an insurance fund established by a
county pursuant to N.J.S.40A:10-6 or contracts for thermal energy authorized
pursuant to subsection a. above, and contracts for the provision or performance
of goods or services to promote energy conservation through the production of
class I renewable energy, authorized pursuant to subsection o. of this section,
shall contain a clause making them subject to the availability and
appropriation annually of sufficient funds as may be required to meet the
extended obligation, or contain an annual cancellation clause.� All contracts
shall cease to have effect at the end of the contracted period and shall not be
extended by any mechanism or provision, unless in conformance with the "Public
School Contracts Law," N.J.S.18A:18A-1 et seq., except that a contract may
be extended by mutual agreement of the parties to the contract when a board of
education has commenced rebidding prior to the time the contract expires or
when the awarding of a contract is pending at the time the contract expires.

(cf: P.L.2009, c.4, s.3)

���� 44.� Section 15 of P.L.1971,
c.198 (C.40A:11-15) is amended to read as follows:

���� 15.� All contracts for the
provision or performance of goods or services shall be awarded for a period not
to exceed 24 consecutive months, except that contracts for professional
services pursuant to subparagraph (i) of paragraph (a) of subsection (1) of
section 5 of P.L.1971, c.198 (C.40A:11-5) shall be awarded for a period not to
exceed 12 consecutive months.� Contracts may be awarded for longer periods of
time as follows:

���� (1)�� Supplying of:

���� (a)�� (Deleted by amendment,
P.L.1996, c.113.)

���� (b)�� (Deleted by amendment,
P.L.1996, c.113.)

���� (c)�� Thermal energy produced
by a cogeneration facility, for use for heating or air conditioning or both,
for any term not exceeding 40 years, when the contract is approved by the Board
of Public Utilities

���� For the purposes of this
paragraph, "cogeneration" means the simultaneous production in one
facility of electric power and other forms of useful energy such as heating or
process steam;

���� (2)�� (Deleted by amendment,
P.L.1977, c.53.)

���� (3)�� The collection and
disposal of municipal solid waste, the collection and disposition of recyclable
material, or the disposal of sewage sludge, for any term not exceeding in the
aggregate, five years;

���� (4)�� The collection and
recycling of methane gas from a sanitary landfill facility, for any term not
exceeding 25 years, when the contract is in conformance with a district solid
waste management plan approved pursuant to P.L.1970, c.39 (C.13:1E-1 et seq.),
and with the approval of the Division of Local Government Services in the
Department of Community Affairs and the Department of Environmental Protection.
The contracting unit shall award the contract to the highest responsible
bidder, notwithstanding that the contract price may be in excess of the amount
of any necessarily related administrative expenses; except that if the contract
requires the contracting unit to expend funds only, the contracting unit shall
award the contract to the lowest responsible bidder.� The approval by the
Division of Local Government Services of public bidding requirements shall not
be required for those contracts exempted therefrom pursuant to section 5 of
P.L.1971, c.198 (C.40A:11-5);

���� (5)�� Data processing service,
for any term of not more than seven years;

���� (6)�� Insurance, including the
purchase of insurance coverages, insurance consulting or administrative
services, claims administration services, including participation in a joint
self-insurance fund, risk management program or related services provided by a
contracting unit insurance group, or participation in an insurance fund
established by a local unit pursuant to N.J.S.40A:10-6, or a joint insurance
fund established pursuant to P.L.1983, c.372 (C.40A:10-36 et seq.), for any
term of not more than three years;

���� (7)�� Leasing or servicing of
(a) automobiles, motor vehicles, machinery, and equipment of every nature and
kind, for a period not to exceed five years, or (b) machinery and equipment
used in the generation of electricity by a municipal shared services energy authority
established pursuant to section 4 of P.L.2015, c.129 (C.40A:66-4), or a
contracting unit engaged in the generation of electricity, for a period not to
exceed 20 years; provided, however, a contract shall be awarded only subject to
and in accordance with the rules and regulations promulgated by the Director of
the Division of Local Government Services in the Department of Community
Affairs;

���� (8)�� The supplying of any
product or the rendering of any service by a company providing voice, data,
transmission, or switching services for a term not exceeding five years;

���� (9)�� Any single project for
the construction, reconstruction, or rehabilitation of any public building,
structure, or facility, or any public works project, including the retention of
the services of any architect or engineer in connection therewith, for the length
of time authorized and necessary for the completion of the actual construction;

���� (10) The providing of food
services for any term not exceeding three years;

���� (11) On-site inspections and
plan review services undertaken by private agencies pursuant to the "State
Uniform Construction Code Act," P.L.1975, c.217 (C.52:27D-119 et seq.) for
any term of not more than three years;

���� (12) (Deleted by amendment,
P.L.2009, c.4
.
)
[
.
]

���� (13) (Deleted by amendment,
P.L.1999, c.440.)

���� (14) (Deleted by amendment,
P.L.1999, c.440.)

���� (15) Leasing of motor
vehicles, machinery, and other equipment primarily used to fight fires, for a
term not to exceed ten years, when the contract includes an option to purchase,
subject to and in accordance with rules and regulations promulgated by the
Director of the Division of Local Government Services in the Department of
Community Affairs;

���� (16) The provision of water
supply services or the designing, financing, construction, operation, or
maintenance, or any combination thereof, of a water supply facility, or any
component part or parts thereof, including a water filtration system, for a period
not to exceed 40 years, when the contract for these services is approved by the
Division of Local Government Services in the Department of Community Affairs,
the Board of Public Utilities, and the Department of Environmental Protection
pursuant to P.L.1985, c.37 (C.58:26-1 et al.), except that no approvals shall
be required for those contracts otherwise exempted pursuant to subsection (30),
(31), (34), (35) or (43) of this section.

���� For the purposes of this
subsection, "water supply services" means any service provided by a
water supply facility; "water filtration system" means any equipment,
plants, structures, machinery, apparatus, or land, or any combination thereof,
acquired, used, constructed, rehabilitated, or operated for the collection,
impoundment, storage, improvement, filtration, or other treatment of drinking
water for the purposes of purifying and enhancing water quality and insuring
its potability prior to the distribution of the drinking water to the general
public for human consumption, including plants and works, and other personal
property and appurtenances necessary for their use or operation; and
"water supply facility" means and refers to the real property and the
plants, structures, or interconnections between existing water supply
facilities, machinery and equipment and other property, real, personal, and
mixed, acquired, constructed, or operated, or to be acquired, constructed, or
operated, in whole or in part by or on behalf of a political subdivision of the
State or any agency thereof, for the purpose of augmenting the natural water
resources of the State and making available an increased supply of water for
all uses, or of conserving existing water resources, and any and all
appurtenances necessary, useful, or convenient for the collecting, impounding,
storing, improving, treating, filtering, conserving, or transmitting of water
and for the preservation and protection of these resources and facilities and
providing for the conservation and development of future water supply
resources;

���� (17) The provision of resource
recovery services by a qualified vendor, the disposal of the solid waste
delivered for disposal which cannot be processed by a resource recovery
facility or the residual ash generated at a resource recovery facility, including
hazardous waste and recovered metals and other materials for reuse, or the
design, financing, construction, operation, or maintenance of a resource
recovery facility for a period not to exceed 40 years when the contract is
approved by the Division of Local Government Services in the Department of
Community Affairs, and the Department of Environmental Protection pursuant to
P.L.1985, c.38 (C.13:1E-136 et al.); and when the resource recovery facility is
in conformance with a district solid waste management plan approved pursuant to
P.L.1970, c.39 (C.13:1E-1 et seq.).

���� For the purposes of this
subsection, "resource recovery facility" means a solid waste facility
constructed and operated for the incineration of solid waste for energy
production and the recovery of metals and other materials for reuse, or a mechanized
composting facility, or any other facility constructed or operated for the
collection, separation, recycling, and recovery of metals, glass, paper, and
other materials for reuse or for energy production; and "residual
ash" means the bottom ash, fly ash, or any combination thereof, resulting
from the combustion of solid waste at a resource recovery facility;

���� (18) The sale of electricity
or thermal energy, or both, produced by a resource recovery facility for a
period not to exceed 40 years when the contract is approved by the Board of
Public Utilities, and when the resource recovery facility is in conformance
with a district solid waste management plan approved pursuant to P.L.1970, c.39
(C.13:1E-1 et seq.).

���� For the purposes of this
subsection, "resource recovery facility" means a solid waste facility
constructed and operated for the incineration of solid waste for energy
production and the recovery of metals and other materials for reuse, or a mechanized
composting facility, or any other facility constructed or operated for the
collection, separation, recycling, and recovery of metals, glass, paper, and
other materials for reuse or for energy production;

���� (19) The provision of
wastewater treatment services or the designing, financing, construction,
operation, or maintenance, or any combination thereof, of a wastewater
treatment system, or any component part or parts thereof, for a period not to
exceed 40 years, when the contract for these services is approved by the
Division of Local Government Services in the Department of Community Affairs
and the Department of Environmental Protection pursuant to P.L.1985, c.72
(C.58:27-1 et al.), except that no approvals shall be required for those
contracts otherwise exempted pursuant to subsection (36) or (43) of this
section.

���� For the purposes of this
subsection, "wastewater treatment services" means any services
provided by a wastewater treatment system; and "wastewater treatment
system" means equipment, plants, structures, machinery, apparatus, or
land, or any combination thereof, acquired, used, constructed, or operated for
the storage, collection, reduction, recycling, reclamation, disposal,
separation, or other treatment of wastewater or sewage sludge, or for the final
disposal of residues resulting from the treatment of wastewater, including, but
not limited to, pumping and ventilating stations, facilities, plants and works,
connections, outfall sewers, interceptors, trunk lines, and other personal
property and appurtenances necessary for their operation;

���� (20) The supplying of goods or
services for the purpose of lighting public streets, for a term not to exceed
five years;

���� (21) The provision of
emergency medical services for a term not to exceed five years;

���� (22) Towing and storage
contracts, awarded pursuant to paragraph u. of subsection (1) of section 5 of
P.L.1971, c.198 (C.40A:11-5) for any term not exceeding three years;

���� (23) Fuel for the purpose of
generating electricity for a term not to exceed eight years;

���� (24) The purchase of
electricity or administrative or dispatching services related to the
transmission of electricity, from a supplier of electricity subject to the
jurisdiction of a federal regulatory agency, from a qualifying small power
producing facility or qualifying cogeneration facility, as defined by 16 U.S.C.
s.796, or from any supplier of electricity within any regional transmission
organization or independent system operator or from an organization or operator
or their successors, by a contracting unit engaged in the generation of
electricity for retail sale, as of May 24, 1991, for a term not to exceed 40
years; or by a contracting unit engaged solely in the distribution of
electricity for retail sale for a term not to exceed ten years, except that a
contract with a contracting unit, engaged solely in the distribution of
electricity for retail sale, in excess of ten years, shall require the written
approval of the Director of the Division of Local Government Services.� If the
director fails to respond in writing to the contracting unit within 10 business
days, the contract shall be deemed approved;

���� (25) Basic life support
services, for a period not to exceed five years.

���� For the purposes of this
subsection, "basic life support" means a basic level of prehospital
care, which includes but need not be limited to patient stabilization, airway
clearance, cardiopulmonary resuscitation, hemorrhage control, initial wound
care, and fracture stabilization;

���� (26) (Deleted by amendment,
P.L.1999, c.440.)

���� (27) The provision of
transportation services to an elderly person, an individual with a disability,
or an indigent person for any term of not more than three years.

���� For the purposes of this
subsection, "elderly person" means a person who is 60 years of age or
older.� "Individual with a disability" means a person of any age who,
by reason of illness, injury, age, congenital malfunction, or other permanent
or temporary incapacity or disability, is unable, without special facilities or
special planning or design to utilize mass transportation facilities and
services as effectively as persons who are not so affected.� "Indigent
person " means a person of any age whose income does not exceed 100
percent of the poverty line, adjusted for family size, established and adjusted
under section 2 of the "Community Services Block Grant Act," (42
U.S.C. s.9902);

���� (28) The supplying of liquid
oxygen or other chemicals, for a term not to exceed five years, when the
contract includes the installation of tanks or other storage facilities by the
supplier, on or near the premises of the contracting unit;

���� (29) The performance of
patient care services by contracted medical staff at county hospitals,
correction facilities, and long term care facilities, for any term of not more
than three years;

���� (30) The acquisition of an
equitable interest in a water supply facility pursuant to section 2 of
P.L.1993, c.381 (C.58:28-2), or a contract entered into pursuant to the
"County and Municipal Water Supply Act," N.J.S.40A:31-1 et seq., if
the contract is entered into no later than January 7, 1995, for any term of not
more than forty years;

���� (31) The provision of water
supply services or the financing, construction, operation, or maintenance or
any combination thereof, of a water supply facility or any component part or
parts thereof, by a partnership or copartnership established pursuant to a
contract authorized under section 2 of P.L.1993, c.381 (C.58:28-2), for a
period not to exceed 40 years;

���� (32) Laundry service and the
rental, supply, and cleaning of uniforms for any term of not more than three
years;

���� (33) The supplying of any
product or the rendering of any service, including consulting services, by a
cemetery management company for the maintenance and preservation of a municipal
cemetery operating pursuant to the "New Jersey Cemetery Act, 2003,"
P.L.2003, c.261 (C.45:27-1 et seq.), for a term not exceeding 15 years;

���� (34) A contract between a
public entity and a private firm pursuant to P.L.1995, c.101 (C.58:26-19 et
al.) for the provision of water supply services may be entered into for any
term which, when all optional extension periods are added, may not exceed 40
years;

���� (35) A contract for the
purchase of a supply of water from a public utility company subject to the
jurisdiction of the Board of Public Utilities in accordance with tariffs and
schedules of charges made, charged or exacted or contracts filed with the Board
of Public Utilities, for any term of not more than 40 years;

���� (36) A contract between a
public entity and a private firm or public authority pursuant to P.L.1995,
c.216 (C.58:27-19 et al.) for the provision of wastewater treatment services
may be entered into for any term of not more than 40 years, including all optional
extension periods;

���� (37) The operation and
management of a facility under a license issued or permit approved by the
Department of Environmental Protection, including a wastewater treatment
system, a stormwater management system, or a water supply or distribution
facility, as the case may be, for any term of not more than ten years.

���� For the purposes of this
subsection, "wastewater treatment system" refers to facilities
operated or maintained for the storage, collection, reduction, disposal, or
other treatment of wastewater or sewage sludge, remediation of groundwater
contamination, stormwater runoff, or the final disposal of residues resulting
from the treatment of wastewater; "stormwater management system"
means the same as that term is defined in section 3 of P.L.2019, c.42
(C.40A:26B-3); and "water supply or distribution facility" refers to
facilities operated or maintained for augmenting the natural water resources of
the State, increasing the supply of water, conserving existing water resources,
or distributing water to users;

���� (38) Municipal solid waste
collection from facilities owned by a contracting unit, for any term of not
more than three years;

���� (39) Fuel for heating
purposes, for any term of not more than three years;

���� (40) Fuel or oil for use in
motor vehicles for any term of not more than three years;

���� (41) Plowing and removal of
snow and ice for any term of not more than three years;

���� (42) Purchases made under a
contract awarded by the Director of the Division of Purchase and Property in
the Department of the Treasury for use by counties, municipalities, or other
contracting units pursuant to section 3 of P.L.1969, c.104 (C.52:25-16.1), for
a term not to exceed the term of that contract;

���� (43) A contract between the
governing body of a city of the first class and a duly incorporated nonprofit
association for the provision of water supply services as defined in subsection
(16) of this section, or wastewater treatment services as defined in subsection
(19) of this section, may be entered into for a period not to exceed 40 years;

���� (44) The purchase of
electricity generated through Class I renewable energy or from a power
production facility that is fueled by methane gas extracted from a landfill in
the county of the contacting unit for any term not exceeding 25 years;

���� (45) The provision or
performance of goods or services for the purpose of producing Class I renewable
energy or Class II renewable energy, as those terms are defined in section 3 of
P.L.1999, c.23 (C.48:3-51), at, or adjacent to, buildings owned by, or operations
conducted by, the contracting unit, the entire price of which is to be
established as a percentage of the resultant savings in energy costs, for a
term not to exceed 15 years; provided, however, that a contract shall be
entered into only subject to and in accordance with guidelines promulgated by
the Board of Public Utilities establishing a methodology for computing energy
cost savings and energy generation costs;

���� (46) A power supply contract,
as defined pursuant to section 3 of P.L.2015, c.129 (C.40A:66-3), between a
member municipality as defined pursuant to section 3 of P.L.2015, c.129
(C.40A:66-3), and the municipal shared services energy authority established
pursuant to the provisions of P.L.2015, c.129 (C.40A:66-1 et al.) to meet the
electric power needs of its members, for the lease, operation, or management of
electric generation within a member municipality's corporate limits and
franchise area or the purchase of electricity, or the purchase of fuel for
generating units for a term not to exceed 40 years;

���� (47) A contract entered into
pursuant to paragraph (2) of subsection a. of section 6 of P.L.2006, c.46
(C.30:9-23.20) between a county hospital authority and a manager for the
management, operation, and maintenance of a hospital owned by the authority or
the county for a term not to exceed 20 years, provided, however, that a
contract entered into pursuant to paragraph (2) of subsection a. of section 6
of P.L.2006, c.46 (C.30:9-23.20) may be renewed for two additional periods, not
to exceed five years each;
[
and
]

���� (48) (a) A lease agreement
that provides for the use, lease, lease-back, acquisition, operation, or
maintenance of ferry boats and related facilities and services, for a period
not to exceed 20 years, except as provided by paragraph (b) of this subsection.�
For the purposes of this subsection, "related facilities and
services" includes, but is not limited to, docks and terminals, parking
facilities, intermodal facilities, ingress and egress to the parking and
terminal facilities, and the provision of goods and services to the public,
provided that a contract for the provision or performance of such goods or
services is related to ferry services and requires:

���� (1)�� a total capital
expenditure exceeding $300,000, as certified by the chief financial officer of
the contracting unit, including but not limited to capital expenditures made by
the lessee; or

���� (2)�� a capital improvement
that has a life expectancy upon completion exceeding 20 years, as certified by
the chief financial officer of the contracting unit.

���� (b)�� A lease agreement for a
capital improvement under subparagraph (2) of paragraph (a) of this subsection
may be awarded for a period not to exceed 50 years.

���� (c)�� Each worker employed in
a construction project under a contract executed pursuant to this subsection
shall be paid not less than the prevailing wage rate for the worker's craft or
trade as determined by the Commissioner of Labor and Workforce Development
pursuant to P.L.1963, c.150 (C.34:11-56.25 et seq.)
; and

����
(49) The sale of
electricity or thermal energy, or both, produced by a combined heat and power
facility, cogeneration facility, or on-site generation facility, as those terms
are defined pursuant to section 3 of P.L.1999, c.23 (C.48:3-51), a district
energy system, or a distributed electric generation resource as defined pursuant
to section 3 of P.L. , c.
(C. ) (pending
before the Legislature as this bill) constructed and operated pursuant to a
public-private partnership agreement entered into pursuant to P.L. ,
c.
(C. ) (pending
before the Legislature as this bill) may be for a period not to exceed 25
years, which period shall commence after construction of the facility has been
completed and commercial operation of the facility has commenced
.

���� Any contract for services
other than professional services, the statutory length of which contract is for
three years or less, may include provisions for no more than one two-year, or
two one-year, extensions, subject to the following limitations:� a.� The
contract shall be awarded by resolution of the governing body upon a finding by
the governing body that the services are being performed in an effective and
efficient manner; b.� No contract shall be extended so that it runs for more
than a total of five consecutive years; c.� Any price change included as part
of an extension shall be based upon the price of the original contract as
cumulatively adjusted pursuant to any previous adjustment or extension and
shall not exceed the change in the index rate for the 12 months preceding the
most recent quarterly calculation available at the time the contract is
renewed; and d.� The terms and conditions of the contract remain substantially
the same.

���� All multiyear leases and
contracts entered into pursuant to this section, including any two-year or
one-year extensions, except contracts involving the supplying of electricity
for the purpose of lighting public streets and contracts for thermal energy authorized
pursuant to subsection (1) above, construction contracts authorized pursuant to
subsection (9) above, contracts for the provision or performance of goods or
services or the supplying of equipment to promote energy conservation through
the production of Class I renewable energy or Class II renewable energy
authorized pursuant to subsection (45) above, contracts for water supply
services or for a water supply facility, or any component part or parts thereof
authorized pursuant to subsection (16), (30), (31), (34), (35), (37), or (43)
above, contracts for resource recovery services or a resource recovery facility
authorized pursuant to subsection (17) above, contracts for the sale of energy
produced by a resource recovery facility authorized pursuant to subsection (18)
above, contracts for wastewater treatment services or for a wastewater
treatment system or any component part or parts thereof authorized pursuant to
subsection (19), (36), (37), or (43) above, contracts for the operation and
maintenance of a stormwater management system authorized pursuant to subsection
(37) above, and contracts for the purchase of electricity or administrative or
dispatching services related to the transmission of electricity authorized
pursuant to subsection (24) above, contracts for the purchase of electricity
generated from a power production facility that is fueled by methane gas
authorized pursuant to subsection (44) above, and power supply contracts
authorized pursuant to subsection (46) respectively, shall contain a clause
making them subject to the availability and appropriation annually of
sufficient funds as may be required to meet the extended obligation, or contain
an annual cancellation clause.

���� The Division of Local
Government Services in the Department of Community Affairs shall adopt and
promulgate rules and regulations concerning the methods of accounting for all
contracts that do not coincide with the fiscal year.

���� All contracts shall cease to
have effect at the end of the contracted period and shall not be extended by
any mechanism or provision, unless in conformance with the "Local Public
Contracts Law," P.L.1971, c.198 (C.40A:11-1 et seq.), except that a
contract may be extended by mutual agreement of the parties to the contract
when a contracting unit has commenced rebidding prior to the time the contract
expires or when the awarding of a contract is pending at the time the contract
expires.

(cf: P.L.2019, c.79, s.1)

���� 45.� This act shall take
effect immediately.

STATEMENT

���� This bill, entitled the
"Energy Infrastructure Public-Private Partnership Act," would permit
private entities to propose to public-private partnership eligible entities, as
defined in the bill, certain energy-related projects through a public-private
partnership (P3) agreement.� The bill would create an Energy Infrastructure
Public-Private Partnership Program (Energy P3 Program) and an Energy
Infrastructure Financing Program within the New Jersey Infrastructure Bank
(NJIB).�

���� The Energy P3 Program would be
responsible for the formulation and execution of a comprehensive Statewide
policy for P3 agreements that facilitate the development of energy-related
projects and for the development, promotion, coordination, oversight, and
approval of P3 agreements for energy-related projects.� The Energy
Infrastructure Financing Program would provide loans and other forms of
financial assistance to P3 eligible entities that are parties to public-private
partnership agreements to develop and finance energy-related projects pursuant
to the bill.�

���� The bill defines
"public-private partnership eligible entity," or "P3 eligible
entity," as the State, its subdivisions, and any department, agency,
commission, authority, board, or instrumentality thereof, a county, a
municipality, a board of education, a State college or university, a county
college, a private not-for-profit higher education institution, a regional or
municipal utility authority, a quasi-State agency, a State-created corporation,
and a private not-for-profit hospital licensed by the Department of Health
pursuant to the "Health Care Facilities Planning Act," P.L.1971,
c.136 (C.26:2H-1 et seq.).

���� The Energy P3 Program would
consult and coordinate with representatives of other State departments,
agencies, boards, and authorities to accomplish the goals of the bill and
facilitate P3 agreements for energy-related projects.� The bill directs the
NJIB to develop criteria by which a P3 eligible entity would award an
energy-related project to a private entity whose proposal is determined to be
the most advantageous.� The bill prescribes competitive contracting procedures
to govern P3 agreements, including procurements and prevailing wage
requirements for workers engaged in construction activities and other worker
protections, and provides oversight authority to the Energy P3 Program to
protect the interests of participating entities.� The bill permits the
inclusion of a project labor agreement in all energy-related projects created
pursuant to the provisions of the bill.� The bill also requires, beginning
three years after the bill is enacted into law, an annual report concerning
energy-related P3 projects to be submitted to the Governor and to the
Legislature.

���� The bill amends the "New
Jersey Infrastructure Trust Act" to establish an Energy Infrastructure
Financing Program in the NJIB to provide loans and other forms of financial
assistance, as the NJIB deems appropriate, to P3 eligible entities and private
entities that are parties to P3 agreements to develop and finance
energy-related projects pursuant to the bill.� The bill would also add the
President of the Board of Public Utilities as an ex-officio member to the board
of directors for the NJIB.�

���� The bill makes various changes
to existing statutes related to the NJIB in order to expand its mission from
water, environmental infrastructure, and transportation projects, to include
energy-related projects.� The bill requires that funds and accounts of the NJIB
be segregated in such a way as to prevent the mixing of transportation monies
and water or environmental infrastructure monies with energy-related monies.�
The bill creates an interim financing program for energy-related projects and
establishes an Energy Loan Origination Fee Fund similar to the existing interim
financing programs and fee funds for environmental and transportation projects.

���� The bill would require the
NJIB to submit to the Legislature, on or before May 15 of each year, a
financial plan designed to implement the financing of the energy-related
projects on the Energy Financing Program Project Priority List or the Energy
Financing Program Project Eligibility List.� The bill provides that on or
before June 30 of each year the Legislature may reject the financial plan
through the adoption by both houses of a concurrent resolution.� If the
Legislature rejects the financial plan, the project list would be removed from
the annual appropriations act and the NJIB would not undertake any of the
proposed activities contained in the plan.� If the Legislature takes no action
on the financial plan on or before June 30, the financial plan would be deemed
approved.

���� Under the bill, the
development of an energy-related project would be deemed to constitute the
performance of an essential public function.� A component of an energy-related
project predominantly used by, or developed in furtherance of the purposes of a
P3 eligible entity that is owned by or leased to a P3 eligible entity, foreign
or domestic nonprofit business entity, or business entity wholly owned by a
nonprofit business entity, would be exempt from property taxation and special
assessments of the State, a municipality, and any other political subdivision
of the State, and, notwithstanding the provisions of any other law to the
contrary, would not be required to make payments in lieu of taxes, and the land
upon which an energy-related project is located would be exempt from property
taxation for the useful life of the project.�

���� The bill provides that the
provisions of P.L.2009, c.136 (the requirements for certain public contracts
with private firms) do not apply to energy-related projects developed under the
bill.� The bill also provides that nothing in the bill limits the powers of the
Office of the State Comptroller or the authority of the Board of Public
Utilities.�

���� Finally, the bill amends the
"Public School Contracts Law" and the "Local Public Contracts
Law" to provide that a contract may be for up to 25 years for the sale of
electricity or thermal energy, or both, produced by a combined heat and power
facility, cogeneration facility, on-site generation facility, a district energy
system, or a distributed electric generation resource constructed and operated
pursuant to a public-private partnership agreement under the bill.